Russo Development Begins Work On NJ Apartments
- Sep 22, 2017
Russo Development has broken ground on Vermella West, a 280-unit apartment community in Kearny, N.J. The property, at 113 Passaic Ave., will consist of four residential buildings and more than 15,000 square feet of indoor and outdoor amenity spaces.
The project is located in the Passaic Avenue Redevelopment Area and is adjacent to several new retail projects, including a BJ’s-anchored power center. Other prominent retailers nearby include Shop-Rite, LA Fitness, Sarku Japanese Restaurant and Carter’s.
Common amenities include a fitness center, a dog run, WiFi in common areas, barbecue stations and on-site maintenance. The site was formerly occupied for industrial use, but had been vacant for a number of years prior to the groundbreaking of Vermella West.
“Kearny is a strong residential community with access to employment hubs in Newark, Jersey City and New York,” said Michael Pembroke, executive vice president of Russo Development. “Vermella West will provide new rental housing at a competitive price, which is scarce in this area.”
While there may be few vacant rental units, there is no shortage of investment activity in Northern New Jersey, meaning the current dynamic might shift soon. Just last month, a 178-unit community in West Orange, N.J., traded for $41 million.
Vermella West is Russo’s second residential project in Kearny. The company also developed Vermella Crossing, which is at the intersection of Bergen and Schuyler Avenues and consists of 230 rental apartments and two retail pads currently leased to CVS and Investors Bank. Russo also completed Saw Mill Park in Kearny, a 350,000-square-foot industrial project along Belleville Turnpike.
Image courtesy of Russo Development