JV Breaks Ground in New Jersey Suburb

34 Bank St. Image courtesy of Circle Squared Alternative Investments

A joint venture of Circle Squared, CrownPoint Group and The Hampshire Cos. has broken ground on a four-building 126-unit apartment community in Netcong, N.J. The project is expected to be complete by December 2020.

Located at 34 Bank St., the 180,000-square-foot development will sit on a 4.8-acre site. The 126 units will be split into 53 one-bedroom, 70 two-bedroom and three three-bedroom units with 113 of them being market-rate and the remaining 13 set aside as affordable units, according to Jeff Sica, president & CEO of Circle Squared. Sica added there was no information yet on the area’s median income rate that would determine the affordability of the units.

Everyone will have access to the new building’s amenities, including paved terraces with outdoor furniture, a two-story room equipped with a kitchen area for entertaining, a business center, a billiards room and a fitness center.

Sica told Multi-Housing News that the project will cost more than $25 million. He added that their new development is situated in a favorable location within walking distance to NJ Transit’s Netcong station and 40 miles away from New York City.

JERSEY JOINT VENTURES

The latest Netcong multifamily development is the second project in New Jersey that the joint venture have worked on.

The three-company partnership also worked on 221 Bergen St. in Harrison, N.J. that opened on October 2015 and reached full occupancy seven months afterwards. The similarly sized 221 Bergen offers 104 units but through two buildings of one- and two-bedroom units.

Circle Squared and Hampshire have also worked with others in developing New Jersey properties. Earlier in August, the joint venture of the two companies and Claremont Cos. secured $42.5 million in financing for their mixed-use project in Jersey City, N.J.