Denholtz, Redwood JV Plan Luxury New Jersey Development
The partners will begin construction this year on the Somerset County project, which will be designated as a transit village.
A joint venture between Denholtz Properties and Redwood Real Estate Group plans to build The Rail at Bound Brook, a 143-unit, Class A multifamily community in Bound Brook, N.J. Construction is expected to begin by the end of this year with completion estimated for the second quarter of 2024.
Located at 100 Hamilton St., the six-story building was designed by award-winning architects Minno & Wasko and will have a mix of studios, one-bedrooms, one-bedroom plus dens and two-bedroom layouts designed for post-pandemic living with extra work from home space and outdoor balconies and terraces in select units. Amenities will include a courtyard with outdoor grills and seating, an indoor fitness and yoga studio, a game room and bike storage. The property is steps away from the Bound Brook Train Station and is also accessible to a range of shopping and dining options in Somerset County.
Bound Brook has grown in popularity following the 2016 completion of a $143 million flood control project by the U.S. Army Corps of Engineers. Through the work, the borough has been able to effectively eliminate the flooding that had caused it to lag behind other nearby communities in real estate investment and development. Since the completion of the flood mitigation project, the state of New Jersey and borough of Bound Brook have designated Bound Brook as a transit village and distributed $2.2 million for the creation of a one-block pedestrian plaza adjacent to the planned entrance of The Rail at Bound Brook.
Steven Denholtz, CEO of Red Bank, N.J.-based Denholtz Properties, said in a prepared statement Bound Brook is the ideal location to execute the firm’s opportunistic strategy due to its highly favorable local demographics, strategic location and tremendous untapped opportunities.
The firm recently opened The Rail at Red Bank, a 57-unit luxury multifamily development with 7.5 square feet of ground-level retail that has transformed the area around the Red Bank Train Station in Red Bank, N.J. The company has also expanded its holdings in the Southeast, adding 5250 JB Drive Apartments, a 384-unit multifamily property in Murfreesboro, Tenn., and Vida Apartments, a 289-unit multifamily community in Kannapolis, N.C., within the past year. The firm received a two-year, floating-rate $76.8 million loan from Natixis Corporate & Investment for the purchase of the Murfreesboro asset in August from Chandler Real Estate. The total sum of funds for the sale exceeded $100 million, according to the JLL Capital Markets team that secured the financing.