Wharton, N.J. (August 30, 2022) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces the sale of a two-acre site approved for a 60-unit luxury multifamily community at 47 Kossuth Street in Wharton, N.J. NAI James E. Hanson’s John Schilp and Sigmund Schorr represented the seller, Equinet Properties, LLC, in the transaction with the buyer, Diversified Properties.
Formerly the site of a restaurant and rooming house, Equinet Properties sought to capitalize on 47 Kossuth Street’s location within a designated Opportunity Zone less than one mile from the intersection of Interstate 80 and Route 15 in the heart of the emerging western Morris County market to attract a buyer. Schilp and Schorr leveraged their local contacts to identify Montville, N.J.-based Diversified Properties, one of the region’s most experienced and active commercial real estate developers and owners, as the ideal buyer for the property.
Diversified Properties plans to leverage its 20-plus years of multifamily development experience to construct Irondale at Wharton. Once completed, the luxury community with feature 54 market-rate apartments consisting of 39 one-bedroom, 11 two-bedroom and four studio apartments as well as six affordable housing units as well as underground parking and a community gym. The community is scheduled to begin construction in the 4Q of 2022.
“Today’s northern New Jersey marketplace is flooded with developers hoping to find well-located land approved to construct multifamily communities,” said Schilp. “However, in such a complicated development landscape, it is critical for sellers to find a buyer who has the experience and vision to turn a hypothetical redevelopment project into a reality.”