A rendering of the 93-unit The Ashton in Jersey City, NJ.
MORRISTOWN, NJ—Locally-based Normandy Real Estate Partners report its Normandy Opportunity Zone Fund, L.P. has closed on multifamily developments currently under construction in Jersey City and Hackensack.
Normandy reports that it has raised more than $100 million in commitments to date, and capital raising will continue through 2020 for the Opportunity Zone Fund that has a target of $250 million in commitments. Both newly acquired properties are currently under construction and expected to deliver in early 2020.
"These initial transactions mark the end of a successful year following the launch of the Normandy Opportunity Zone Fund," says Jeff Gronning, founder and partner, Normandy Real Estate Partners and portfolio manager of Normandy Opportunity Zone Fund, LP. "Both developments will play major roles in attracting new residents to urban areas undergoing major revitalization stages, with substantial support from local municipalities."
The Normandy OZ fund acquired The Ashton, a 93-unit multi-family residential building in the Bergen-Lafayette section of Jersey City. Located at 2-16 Ash St., The Ashton features one- and two-bedroom units that will be centered in a growing neighborhood that is expected to deliver more than 1,000 units within the next 24 months.
The project was granted a 20-year PILOT in connection with its approvals. The property is three blocks from NJ Transit's Bergen-Hudson Light Rail, which provides direct access to Manhattan via the PATH at Exchange Place.
Normandy also closed on an 82-unit multi-family residential building under construction in Downtown Hackensack. Located at the corner of Main and Ward streets, the building is one block from the Anderson Street bus station. Normandy is partnering with Hampshire Companies on the project, which was granted a 15-year PILOT in connection with the development.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
