A prime 47-acre site in Wall Township, already approved for a major residential development, has been sold by Jersey City’s Veris Residential to Florida-based Lennar Corporation. The plans for 1452 Route 34 call for a combination of 296 stacked for-sale duplex and triplex townhouses, including 68 units deemed affordable housing.
Senior Managing Director Jose Cruz and Senior Director Ryan Robertson helmed JLL Capital Markets’ Investment Sales and Advisory team of Senior Managing Directors Steve Simonelli and Michael Oliver and Directors Elizabeth DeVesty and Austin Pierce, representing Veris Residential and procuring Lennar as the buyer.
“This transaction highlights the continued demand for well-located residential development opportunities in affluent submarkets,” commented JLL’s Cruz. “The site’s proximity to the Jersey Shore, coupled with its approved plans for a mix of market-rate and affordable housing, made it an attractive investment for Lennar Corporation.”
The finished development is slated to include a swimming pool, clubhouse and recreational facilities, plus a broad range of additional amenities. According to a prepared release from JLL Capital Markets, the property is walking distance from downtown Wall. The site is located one mile off the Garden State Parkway and offers easy access to Jersey Shore beaches as well as restaurants, retail and entertainment options. Wall is one of the wealthiest townships in New Jersey and the area has seen considerable population growth of 5.5% for the past decade.
“The demand and ultimate pricing we saw for the site continues to highlight the competitive pricing within New Jersey’s for-sale development market,” added Robertson. “We anticipate investors will continue to aggressively pursue approved developments within the residential home building sector as demand continues to outstrip supply for the foreseeable future.”
