Diversified Properties acquired two lots totaling 9.84 acres in Jefferson, to pave the way for the construction of the first phase of Jefferson Place, a brand-new luxury multifamily community, according to a Wednesday announcement from NAI James E. Hanson.
Hanson’s John Schilp and Sigmund Schorr represented Diversified Properties and the sellers of each lot, Route 15 Properties LLC and Fifteen South Realty Co. LLC, in the transactions.
Located on Hellers Lane just off Route 15 adjacent to a recently constructed QuickChek, Jefferson Place’s first phase of development will include an elevator building with 32 one- and two-bedroom apartments ranging in size from 855 to 1,216 square feet with built-in den spaces. The community’s amenity package will feature an indoor fitness center, outdoor lounge and grilling areas, private garages and individual storage units available for residents.
“Our multifamily strategy has always been built around finding hidden opportunities in underserved markets like Jefferson,” Nicholas Minoia, founder and managing principal of Diversified Properties, said. “With the growing demand for modern residential communities in New Jersey’s western markets, we’re excited to utilize our in-house capabilities to construct a brand-new community that can meet the expectations of today’s residents.”
As land approved for development becomes increasingly scarce across northern New Jersey, NAI James E. Hanson was chosen by the sellers to market the properties to attract a reputable buyer who could develop the land. Diversified Properties took interest in the properties as they continue to build upon their track record of developing multifamily communities in growing, underserved markets.