NAI James E. Hanson on Tuesday said it traded several parcels to be developed into a 55-unit senior-housing community at 7, 9 and 11 Theta Drive in Vernon.
NAI Hanson’s Dominic Fittizzi represented the buyer, OneKey LLC, in the transaction with seller, Theta 456 Associates LLC.
Positioned less than two miles from Mountain Creek’s four-season resort, 7, 9 and 11 Theta Drive contains several land parcels approved for the development of a 55-unit senior housing community.
Previously approved for a different use before the pandemic, the former approval expired, which led to an opportunity for OneKey LLC to gain approvals to create much-needed senior housing in Vernon. The buyer plans to construct and retain the building while managing the property as part of its portfolio.
Construction is slated to begin in early 2023, with an estimated completion by the end of the year.
“There is a growing demand for senior housing across the state of New Jersey, especially within westerly markets that are currently underserved,” Fittizzi said. “In this case, the buyer’s experience in the development and management of low and mid-rise construction places them in a strong position to serve the market’s needs. I’m proud to have played a role in providing my client with the services needed to close the deal and bring the community much-needed senior housing.”