Crossroads and CrownPoint Finish NJ Apartments
A portion of the units are designated for income-qualified residents.
A joint venture between Crossroads Companies and CrownPoint Group has completed 80East, an apartment community in downtown Dover, N.J. The six-story development represents the redevelopment of a vacant property at the corner of East McFarlan and Passaic streets in that city.
The 90-unit property offers studios and one- and two-bedroom residences, averaging 835 square feet. Nine apartments have been designated for income-qualified residents.
80East also includes about 10,000 square feet of indoor and outdoor amenities, such as a rooftop deck, landscaped courtyard, dog run, resident lounge and fitness center. There is private office space available, as well as covered parking on the building’s first two floors.
Minno & Wasko Architects and Planners designed 80East. L2i Construction served as general contractor, with Crossroads Companies as project lead.
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Columbia Bank provided construction financing totaling $20.5 million, according to Yardi Matrix data. Circle Squared Alternative Investments provided equity financing for the project.
Located on the Rockaway River in Morris County in north-central New Jersey, Dover offers access to commuter rail service to Hoboken and New York City. Crossroads Companies and CrownPoint Group are both New Jersey-based regional real estate firms specializing in the development of multifamily, supermarkets and self-storage.
New Jersey outpaces national rent growth
Though not as robust a market as New York City, New Jersey multifamily is still active, with some rent growth supporting development. Rent growth year-over-year in the state in June came in at 0.7 percent, according to Yardi Matrix data, compared with 0.2 percent growth nationally. N.J. multifamily rents are forecast to grow 1.8 percent during 2026 as a whole.
As of June, completions as a percent of total multifamily stock in New Jersey came in at 2.8 percent, a relatively strong performance, Yardi Matrix reports. In fact that is slightly higher than New York City, which came in at 2.5 percent of stock.
In June, Sterling Properties Group and Danbro Properties opened Canterly Place, a 300-unit community in Livingston, N.J. Out of its residences, 240 are market-rate apartments, while the other 60 are affordable units.
