34 Bank Apartments, Netcong NJ
34 Bank Apartments
Netcong, NJ
Assignment
NAI DiLeo-Bram & Co.’s (NAIDB) Eric Bram Johnston assisted ownership in its disposition of a newly developed Class A apartment complex in Northern New Jersey to Landmark Companies, LLC. Landmark, which manages over 3,000 apartment-rental units across New Jersey, focuses on transit-rich properties that appeal to a commuter tenant cohort seeking proximity to public transit and highway infrastructure. Each of the company’s multifamily holdings also are close to shopping, entertainment and recreational activities.
Solution
CrownPoint Group, LLC, which had originally acquired the 4.8-acre former industrial-site property in 2019 under a joint venture with Circle Squared Alternative Investments and The Hampshire Cos., completed its redevelopment of the Netcong, NJ site to deliver a 126-unit upscale apartment community branded 34 Bank.
Situated in Northwest Morris County, the four-building, three-and-four-story complex featured a mix of 1BR, 2BR and 3BR floorplans. Each well-appointed apartment featured designer finishes such as 9-foot ceilings; in-unit washer/dryer; kitchens with stainless-steel appliances, quartz countertops and ceramic subway-tile backsplash; and baths with a marble-tile shower. High-end community-space amenities include grilling stations, a fitness center, clubhouse and fire pits.
In addition, 34 Bank had excellent proximity to Netcong Station, offering NJ Transit Montclair-Boonton Line and Morris & Essex Line service; NJ Transit Route 80 Bus Service just a short walk away along Main Street; and highway connectivity to I-80, US 46 and US 206. Picturesque walking paths also wind along the Musconetcong River and Lake Musconetcong.
Result
Completed in 2021, leasing was launched in December of the same year and the property quickly achieved full lease up. During the offering period, 34 Bank garnered a high level of investment interest for its quality construction, thoughtful designs and unique commutable / walkable location. NAIDB was successful in its negotiation of the acquisition on behalf of Landmark Companies for $44.5M, with closing in April, 2022.
