BNE/Highview Homes Joint Venture Building Transit-Oriented Project in Aberdeen

Local officials and development partners break ground on the Aberdeen Transit Village property. From left to right: Thomas A. Arnone, Monmouth County Freeholder Director; Jim Smith, Principal of Highview Homes; Frank Pallone, U.S. Representative (NJ); Fred Tagliarini, Mayor of Aberdeen Township; Jeffrey A. Nadell, Senior Director of Real Estate & Economic Development for NJ TRANSIT; Gerard P. Scharfenberger, Mayor of Middletown Township; Jonathan Schwartz, Principal of BNE Real Estate Group; David Pantirer, Executive Vice President of BNE Real Estate Group; Marc Pantirer, Executive Vice President of BNE Real Estate Group

ABERDEEN, NJ—BNE Real Estate Group and Highview Homes are building a new mixed-use development aimed at energizing an underutilized site just steps from the Aberdeen-Matawan Train Station. Located at the intersection of Atlantic Avenue and Harrison Street, the development will consist of five residential buildings with 227 one- and two-bedroom rental residences and street-level retail space.  Expected to be completed in the second quarter of 2018, the project aligns with the township’s plan to redevelop a 20-acre site on its side of the Aberdeen-Matawan rail station into a transit village, in accordance with the guidelines set forth by the New Jersey Department of Transportation and the state’s Transit Village Task Force . “We are very pleased to partner with BNE and Highview Homes on the development of our transit village,” Aberdeen Mayor Fred Tagliarini says. “This has been a long, complex process involving land purchases from multiple private and public entities, approvals from various government agencies, and market-force interruptions triggered by the recent recession and accompanying housing slump. This redevelopment will replace an unproductive eyesore with an attractive residential and retail village that would have minimal impact on traffic and our schools, fulfill demand from young commuters and others seeking luxury rentals within walking distance of the station, introduce new retail, restaurant and service businesses to serve commuters, and create a pleasant outdoor dining environment.” The BNE/Highview development will provide a housing option not widely available in Aberdeen, one that caters to commuters and residents who prefer the convenience and amenity-rich lifestyle of luxury apartment living to home ownership.  Residents will enjoy a full suite of amenities, including a lounge, state-of-the-art fitness center and an outdoor pool, as well as proximity to public transportation. “We’re delighted to have secured such a well-located site adjacent to an active railway station, and are thrilled to be taking the next step in unlocking the intrinsic value of this property,” says Jonathan Schwartz , a principal of BNE Real Estate Group . “We appreciate the confidence Mayor Tagliarini and the Township of Aberdeen have placed in us and our partner, Highview Homes , and look forward to executing our shared vision for a vibrant, revitalized property that will be an asset to the township.” Known for its family-friendly neighborhoods, tree-lined streets and scenic stretch of the Raritan Bay waterfront, Aberdeen is situated in northern Monmouth County, just off of the Garden State Parkway, Routes 34 and 35, and NJ Transit’s North Jersey Coast Rail line. Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What’s driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.