At Circle Squared Alternative Investments, we pursue and invest in projects that we fundamentally believe in and are proud to put our name behind. Even in hyper-competitive markets such as the greater New York City area, this investment philosophy has led us to participate in several new multifamily projects along the Northern New Jersey Transit corridor that have generated returns for our clients. In addition to taking macro-economic conditions into account, the way we evaluate projects doesn’t only come down to dollars and cents on a spreadsheet. We believe that desirable and profitable projects must also serve the community and tenants who will call those buildings home.
The evolving housing preferences of high-impact groups such as millennials and retiring empty nesters is an ongoing conversation. Their desire for convenience, amenities, affordability, and space of all kinds (personal, community, green) is driving them to consider the benefits of satellite cities and towns. One such town that we believe holds immense opportunity in these areas is Orange, NJ.
Our multifamily project in Orange, NJ
We’re excited to announce a new joint venture in Orange, NJ, with Peek Properties[1], a fully integrated developer, owner, and operator of multifamily projects in New Jersey. Their primary focus is urban areas that offer existing value-add or new development sites. The plan is for a five-story apartment building with 138 units and 148 dedicated parking spots in a convenient and established neighborhood of Orange. The project is located one block from the NJ Transit Highland Avenue train station, which offers service to New York Penn Station in about 40 minutes.
Calling Orange home
The City of Orange is a historic and primarily residential community in the suburbs of Newark, roughly fifteen miles west of Manhattan. Its Main Street district boasts scores of shops and restaurants that offer a convenient way for its 30,000 residents to run errands or enjoy a leisurely day in town.
Within the city, the new multifamily project with Peek is located at the established Seven Oaks Neighborhood entrance. “More than a hundred years ago, the neighborhood was home to well-off businessmen and their families. Today, with easy access to New York City and the inventory of stylish older homes, the Seven Oaks neighborhood is one of the hottest real estate markets in Northern New Jersey.”[2]
Convenience in the burbs
Orange is convenient to the city and offers proximity to multiple employment centers. There are two NJ Transit stops in town (Highland Avenue and Orange) that make it easy to get around the area with public transportation.
Bordered by South Orange, West Orange, East Orange, Glen Ridge, and Montclair, the Orange project is located within two miles of Seton Hall University, which serves 10,000 students with more than 900 faculty and support staff. The development is also less than five miles from both the New Jersey Institute of Technology and Bloomfield College.
Finally, and increasingly important to post-quarantine tenants, Orange also provides access to multiple, large nature preserves nearby, such as the South Mountain and Eagle Rock Reservations.
How will the development fit into the community?
A part of the community-driven aspect of the project that we’re particularly excited about is that PEEK’s offices are only five minutes from the site. Their location will make it much easier for the team to be on site. Plus, as local developers, they understand the needs of the area and bring a commitment to delivering outstanding work that has the potential to benefit every investor, renter, and community.
The building will also provide 65 additional city parking spaces to help address the current challenge of providing sufficient off-street parking in the area. The collaboration between the city and the project team has been structured from the beginning to help ensure that it attracts new residents and supports the needs of existing residents.
Your opportunity
We believe that the City of Orange will continue to grow mainly due to its commitment to working with developers. Also, while this project is not in a designated Opportunity Zone, we believe that Opportunity Zone legislation will continue to make Orange and its surrounding cities a desirable location for investment. If you’re interested in learning more about this multifamily development project in Orange, NJ, reach out to us today.
All investing involves risk, including the risk of loss of principal. Investors should be aware of additional risks associated with alternative investments due to factors such as economic and political instability, regulatory requirements, increased volatility, illiquidity, higher management fees, lack of performance history, currency fluctuation, and differences in auditing and other financial standards and that these risks can be accentuated in alternative investments. Alternative investments may be suitable only to those who understand and are willing to assume the economic, legal, and other risks involved.
The foregoing is not a complete list of the risks involved with alternative investments. You should thoroughly review all pertinent offering documents with respect to alternative investments with your financial, legal, and tax advisors to determine whether the investment is suitable for you in light of your investment objectives and financial circumstances.
Circle Squared Alternative Investments, LLC (“CSQ”) is an SEC-registered investment adviser with its principal place of business in the State of New Jersey. Registration does not imply a certain level of skill or training. CSQ may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. Any subsequent, direct communication by CSQ with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration where the prospective client resides. For information pertaining to the registration status of CSQ, please contact CSQ or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov). For additional information about CSQ, including fees and services, send for our disclosure statement as set forth on Form ADV from CSQ using the contact information herein. Please read the disclosure statement carefully before you invest or send money.
Sources
[1] (2021, Peek Properties)
[2] (2021, Hearth Realty Group)