Multi-family the sector to watch in 2006.Unmatched access to and views of Manhattan, an outstanding transportation infrastructure, and a great quality of life continue to fuel demand for multifamily housing along New Jersey's "Gold Coast" market, which spans the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. from Fort Lee to Bayonne. In response, the amount of investment dollars chasing opportunities within this prime market has grown exponentially during the past four years and continues to gain momentum, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Cushman & Wakefield's Metropolitan Area Capital Markets Group in East Rutherford, N.J. "While the 'who's who' of multi-family real estate in New Jersey traditionally has included small and mid-size family owned businesses, institutional owners have flooded the Gold Coast region and the suburban New Jersey markets," said Jose Cruz Jose Luis Cruz (Cheo) can refer to different people:
"We are seeing an incredible amount of activity from organizations that are institutional in nature, as well as the condo converters that have both purchased existing or are developing new properties along the waterfront." Properties like the Maxwell House Maxwell House is a brand of coffee manufactured by a like-named division of Kraft Foods. It is named in honor of the Maxwell House Hotel in Nashville, Tennessee. For many years until the late 1980s it was the largest-selling coffee in the U.S. and is currently (ca. factory in Hoboken, the former Port Imperial in West New York West New York, town (1990 pop. 38,125), Hudson co., NE N.J., atop the Palisades across the Hudson River from New York City; settled 1790, inc. 1898. It is a residential town with some light industry. West New York is also a leading U.S. embroidery center. and 7601 River Road in North Bergen North Ber·gen A community of northeast New Jersey north of Jersey City and across the Hudson River from Manhattan Island. Population: 59,500. are being redeveloped for multifamily and retail usage. Cruz noted that demand for existing multifamily product also remains strong. Cushman & Wakefield is currently marketing 10 projects comprised of a total of 1,500 units for sale along the Gold Coast and suburban submarket areas throughout the state. The firm is seeing active interest from condo converters as well as institutional investors. "Interest rates are still low by historical standards, with the 10-year yield hovering around 4.5 percent, and New Jersey is experiencing steady job growth," Cruz added. "As a result, for-sale buyers remain active in this market with several deals closed in the last 18 months." At the same time, Cushman & Wakefield's Metropolitan Area Capital Markets Group is increasingly bullish about the rental investment market, according to Andrew Merin, vice chairman. "After several slower years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time rental market has been increasing," he said. "Occupancy rates have increased to the low- to-mid 90 percent range in the region, and concessions at most Class A properties are being eliminated. As condominium developers become slightly less pricing aggressive and interest rates begin to rise, more people will opt to move into rental apartments. Add to this the delivery of newer, modern rental product on the Gold Coast, and the market is primed to take off." The activity on the Gold Coast provides a snapshot of statewide and national trends, Merin noted. "The amount of capital chasing multifamily assets has reached record levels," he said. "During 2006, we will see a renewed focus on urban infill redevelopment projects as families look to move to more urban areas." As such, several current redevelopment projects are transforming older urban manufacturing and warehouse buildings into new homes. Additionally, the rising popularity of the Transit Village A transit village is a planned development around a transportation hub, such as a train station, with the intent to make it convenient for village dwellers to get to/from work or run errands and travel via a public transportation network. concept is making locations near train stations and mass transit mass transit, public transportation systems designed to move large numbers of passengers. Types and Advantages Mass transit refers to municipal or regional public shared transportation, such as buses, streetcars, and ferries, open to all on a lines increasingly valuable. |
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