GID Forms Joint Venture for Northern New Jersey Apartment Projects
November 21, 2011, Boston -
GID announced today that it has formed a joint venture with BNE Real Estate Group/Millennium Homes to develop a 194 unit apartment community located south of the George Washington Bridge along the banks of the Hudson River in Ft. Lee, NJ. In addition to skyline views, the asset will offer immediate access to both the northbound and southbound lanes on Interstate-95. The Lincoln Tunnel is located less than eight miles to the south and residents can access Manhattan via the Edgewater Terminal of the New York Waterway Ferry that is located less than two miles from the property.
The property is scheduled for delivery in the third quarter of 2013. The 1.3 acre site will consist of 194 market-rate apartment units in twelve stories, providing 187,162 square feet of net rentable living space (965 square foot average home size). The unit breakdown will include 50% one bedroom units and 50% two bedroom units. The property will feature a 3,800 square foot amenity space offering a club room, fitness center and resident lounge. Apartment amenities will include nine-foot ceilings with granite countertops and stainless steel appliances.
Bill Chiasson, Vice President and Director of East Coast Acquisitions for GID commented, “This investment is driven by our belief in the continuing strength of the NY/NJ market and strong fundamentals of the apartment segment there. We look forward to working with our new partner, BNE Real Estate Group/Millennium Homes, on the development of this and other assets in the future.”