West New York, N.J.—Roseland Property Co. has broken ground on RiverTrace, a 316-unit rental building within the Port Imperial master-planned district in West New York, one of the towns directly across the Hudson River from Manhattan. Port Imperial is a 200-acre mixed-use community along the Hudson River waterfront that will ultimately include 6,000 residences and 80,000 square feet of retail space.
The $120 million RiverTrace, financed by UBS, will include studios, one-, two- and three-bedroom rental units. Amenities will include a concierge, club room, billiard room, cold storage, fitness center, yoga room, theater, children’s play room, golf simulator and pool. Initial occupancy is slated for the fall of 2013.
The project counts as transit-oriented, located close to ferry service to Manhattan, as well as light rail and bus service. The developer is also stressing the project’s views overlooking Manhattan from the New Jersey Palisades.
RiverTrace is the second residential project at Port Imperial that Roseland Property has broken ground on recently. In early November, the company also began construction of a new 36-unit condominium building at Henley on Hudson in Weehawken, in partnership with Lennar Urban.
It seems to be an auspicious time to develop rental properties in northern New Jersey. Cushman & Wakefield predicts that multifamily rental vacancies in that part of the state will end 2011 at 2.4 percent, a pre-recession level. During the first three quarters of 2011, apartment rents in the market have increased 1.2 percent. Hudson County—which includes the Port Imperial district—has the highest average rent in northern New Jersey, notes Cushman & Wakefield. Monthly rents currently average $2,614.