Diversified Properties Acquires New Jersey OZ Development Site
Plans call for the construction of a 60-unit community with six affordable housing apartments.
Diversified Properties has acquired a 2-acre site approved for a partially affordable housing community in an Opportunity Zone in Wharton, N.J. NAI James E. Hanson worked on behalf of seller Equinet Properties.
Construction on the 60-unit project is scheduled to start in the fourth quarter of this year, with the unit mix including studios, as well as one- and two-bedroom apartments, ranging between 500 square feet and 1,080 square feet, according to Yardi Matrix data. Dubbed Irondale at Wharton, the upcoming community is set to encompass six affordable housing units, as well as a gym and underground parking.
Located at 47 Kossuth St., the site provides easy access to Route 15, Interstate 80 and US-46. Green areas like Municipal Open Space, Dickerson Mine Preserve, Irondale Mountain Acq and Waterworks Park will be within 1.5 miles of the development. Saint Clare’s Dover Hospital will be within a 4-minute drive of Irondale at Wharton, and County College of Morris will be a 13-minute drive away.
John Schilp and Sigmund Schorr from NAI James E. Hanson brokered the transaction.