The Ridge at Readington’s 254 units are 85% preleased, Larken Associates announced recently.

Located at 460 Route 22 in its namesake city, the luxury multifamily community is set to welcome its first residents this fall.

“Our leasing success at The Ridge at Readington speaks to our consistent ability to deliver one-of-a-kind communities that check all of the boxes for today’s residents,” President and CEO David Gardner said. “We are deeply proud of our work to create a truly unmatched residential destination in Readington, and we look forward to welcoming our first residents later this year.”

The property will feature 168 one- and two-bedroom garden apartments across seven buildings along with 86 one- and two-bedroom units housed in two elevatored buildings. Amenities at the property will include a club house with theater room, lounge and wet bar; outdoor heated pool with tanning ledge; a fitness center; walking paths; and more.

Larken Associates’ in-house construction team Core Enterprises is managing construction for the project.

The Ridge at Readington will mark the 22nd addition to the Branchburg-based firm’s Larken Living portfolio, which is comprised of approximately 2,500 owned and managed residential units throughout the Northeast.

Summit Court

Diversified Properties LLC and Fidelco Realty Group originally debuted Summit Court in Union in 2018. Following the quick leasing of its first 130 residences, the partners recently announced the release of the property’s next phase of rentals.

The new mix of 263 luxury one- and two-bedroom units at 1720 Patriot Way feature 9-foot ceilings, stainless steel appliances, and some include private outdoor space. Amenities include an outdoor pool and sundeck, a clubhouse and fitness center, and on-site parking with EV charging stations.

“These rentals will help meet the extraordinary demand for housing in Union County,” said Diversified Managing Partner Nicholas Minoia said.

The property is 1 mile from the Union train station – and Kean University – and minutes from the Garden State Parkway, Interstate 78 and Route 22, in addition to being nearby dining, shopping and entertainment options.

The Marketing Directors is leading leasing for the property. Monthly rents start from $2,320 with grand opening incentives that include free rent for up to two months.

EDGE

Located just steps from the Hudson Bergen 22nd St. Light Rail Station – with service to Jersey City and connections to Manhattan – EDGE, a market-rate apartment complex in Bayonne is 95% leased.

Cypress Equity Investments and Lakewood-based RAM Development announced the milestone for the 180-unit community located at 170 Avenue F.

“Bayonne is in the midst of a bit of a residential renaissance, with EDGE being one of the latest transit-oriented developments near the Hudson Bergen 22nd Street light rail station,” CEI founder and CEO Michael Sorochinsky said. Part of the appeal of the city, according to CEI, is the price relief Bayonne offers when compared with nearby Hoboken or Jersey City.

EDGE features one- and two-bedroom units in addition to a small mix of top-floor one- and two-bedroom residences with lofts. Select homes also include private patios with N.Y.C. skyline views. Resort-style amenities offer a landscaped roof deck with lounge seating, outdoor courtyards, communal coworking areas and more.

Jersey City

Capital Realty Associates announced the sale of a three-building multifamily portfolio in Jersey City to a New York-based private investor for $6.9 million.

Sales Associate Solomon Halberstam completed the sale of 6, 8 and 10 Bergen Ave. (24 units), 484 Central Ave. (seven units), and 938 Westside Ave. (12 units).

“The multifamily sector in Jersey City is extremely active with numerous property sales taking place throughout the city,” said Halberstam. “Despite higher interest rates and other economic uncertainties, this market remains very hot, and continues to be a target for investors who are looking to capitalize on incredible rent growth and new development going on all over Jersey City and the New York Metro area.”

Wharton

NAI James E. Hanson announced the sale of a 2-acre site in Wharton where it said Diversified Properties LLC is set to construct a new luxury multifamily development.

Senior Vice President John Schilp and Vice President Sigmund Schorr represented the seller, Equinet Properties LLC, in the deal with Montville-based Diversified Properties. Financial terms were not disclosed.

The former site of a restaurant and rooming house, Diversified will bring the 60-unit Irondale at Wharton to the property at 47 Kossuth St. Construction is slated to begin in the fourth quarter of 2022. The community will feature 54 market-rate apartments – 39 one-bedroom, 11 two-bedroom and four studio apartments – in addition to six affordable housing units, underground parking and a gym.

“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.”