National homebuilder Lennar Corp. purchased a 47-acre development site in Wall Township from Veris Residential. JLL Capital Markets, which announced the sale on Tuesday, worked on behalf of the seller and lined up the buyer. Financial terms were not disclosed.
The development is on 47 acres at 1452 Route 34 in Wall and is approved for the construction of 296 stacked for-sale townhomes, including 68 affordable units. It is a mile from the Garden State Parkway and is within walking distance of downtown Wall.
Wall Township has become a magnet for growth and is becoming one of the more affluent towns at the Jersey Shore. Wall’s population was 26,530 as of 2023, according to U.S. Census Bureau data. Median household income in Wall from 2019 to 2023 was $138,049, with per-capita income in the past 12 months of $68,749. Nearly 85% own their homes and the median value of owner-occupied housing units was $673,500.
The approved site plan includes a mix of market-rate duplex townhouses and affordable triplex townhouses. The development will feature amenities such as private recreational facilities, a clubhouse, and a swimming pool.
JLL’s investment sales and advisory team representing the seller was led by Senior Managing Director Jose Cruz and Senior Director Ryan Robertson along with Senior Managing Directors Steve Simonelli and Michael Oliver and Directors Elizabeth DeVesty and Austin Pierce.
“The demand and ultimate pricing we saw for the site continues to highlight the competitive pricing within New Jersey’s for-sale development market,” added Robertson. “We anticipate investors will continue to aggressively pursue approved developments within the residential home building sector as demand continues to outstrip supply for the foreseeable future.”
Lennar, originally founded as F&R Builders in Miami in 1954, builds homes in 21 states and all over New Jersey.
