Russo, KRE to Build in Bergen County
The project is being near a shopping mall.
Russo Development, LLC and KRE Group have purchased the Bergen Town Center Land Site, the plot for for a two-phase, 426-unit multifamily community located in Paramus, NJ. The partners bought the parcel from Urban Edge Properties for $25 million, in a deal arranged by JLL Capital Markets.
The property is located on Forest Avenue along Route 4 in North Jersey, directly adjacent to the Bergen Town Center shopping mall. Phase one of its construction will include 166 units, and phase two will comprise another 260 units. The project will also feature two retail suites totaling approximately 5,000 square feet.
JLL Senior Managing Director Jose Cruz, Senior Director Ryan Robertson, Senior Managing Directors Steve Simonelli and Michael Oliver alongside Directors Elizabeth DeVesty and Austin Pierce represented the seller in the transaction.
Buildings in Bergen County
Owed in part to cheaper construction and living costs than New York City, North Jersey remains a darling for developers looking to capitalize on its eastern neighbor’s demand from renters being priced out of the five boroughs.
According to a January 2025 report from Institutional Property Advisors, Northern New Jersey has been the most active multifamily market in the Northeast for the past eight years, with new apartment openings falling to below 10,000 just this year.
READ ALSO: National Multifamily Report – April 2025
In nearby Hackensack, developer Russo Development finished construction of The Print House Phases II & III, two components of the largest residential development in the city.
In March, the Connell Co. revealed plans for RT Residences, a two-building luxury project being built as part of a redevelopment of an 185-acre office park.
