Diversified Properties begins construction on Morris County multifamily community

Diversified Properties has begun construction on Irondale at Wharton, a 60-unit luxury multifamily community scheduled to be completed in the fourth quarter of 2023.

Located at 47 Kossuth St., the project is just a short walk from downtown Wharton on the site of a former restaurant. Irondale at Wharton will bring a luxury living experience to the underserved Morris County residential market.

Each of the community’s 60 studio, one-bedroom and two-bedroom residences will feature modern open floorplans, in-unit washers and dryers and fully equipped kitchens with stainless steel appliances and quartz countertops. The community will also feature underground parking and a community gym.

The beginning of construction for Irondale at Wharton marks Diversified Properties’ first use of real estate crowdfunding. Harnessing the power of RealtyMogul, a leading real estate crowdfunding service, and its membership of over 220,000 investors, Diversified Properties attracted a wide range of investors looking to diversify their investment portfolio by tapping into the growing demand for multifamily housing in high-barrier-to-entry markets like Morris County.

Nicholas Minoia.

“Despite the demand for housing, limited developable land and a lengthy entitlement process continue to create a challenging multifamily development landscape across Morris County. Our hands-on construction and development expertise and our ability to embrace and deploy the latest technologies and services enable us to bring visionary projects to life in even the most complex markets,” Nicholas Minoia, founder and managing principal of Diversified Properties, said. “We are proud to continue this tradition through our use of crowdfunding paired with our ability to see an investment opportunity that went overlooked by many. We are excited to celebrate this milestone and look forward to welcoming residents later next year.”