JV Completes New Jersey Luxury Apartments

Summit Court. Image courtesy of Diversified Properties

A joint venture between Diversified Properties and Fidelco Realty has finished construction of the second phase of its Summit Court development, a 396-unit luxury apartment community located at 1776 Patriot Way in Union, N.J.

The completion of Summit Court follows Diversified Properties’ recent acquisition of 2 acres in nearby Wharton for the construction of a 60-unit partially affordable community.

The first phase of Summit Court was completed in 2018, according to CommercialEdge data. Construction of the second phase was led by Morris Construction Management. The property offers a mix of one- and two-bedroom arrangements, which feature private balconies, plank flooring, stainless steel appliances, quartz countertops and in-unit laundry machines. The community’s amenities include a swimming pool with surrounding grilling and dining areas, fitness centers and a clubhouse and lounge area with a catering kitchen. The community is within walking distance of the Union NJ Transit station, as well as 3 miles away from Interstate 78 and Newark Liberty International Airport and within 5 miles of downtown Newark and 15 miles of New York City.

New Jersey’s continued success

In the backdrop of the Northern New Jersey’s surge of multifamily demand, Nicholas Minoia, Founder & Managing Partner of Diversified Properties told Multi-Housing News, “Northern New Jersey is among one of the most housing-constrained regions in the country. In a market where developable land is hard to find, it takes a special vision and creativity to bring communities like this to life…Following our initial leasing success at phase one, we have already seen robust demand for the residences included in phase two and we are excited to have the opportunity to create a place that so many can be proud to call home.”

Another recent luxury headline in the region is Harbor Group’s sale of The Mark Parsippany, a 212-unit luxury community in Parsippany.