Diversified Properties has added another multifamily community in New Jersey to its portfolio of ongoing projects. The developer has begun construction on the first phase of its Jefferson Place project located in Jefferson, N.J., and is expecting to complete the community in fall of 2024.
Diversified Properties first acquired two lots totaling nearly 10 acres for the Jefferson Place project in January. Upon completion, the first phase of the community will include 32 homes with one- and two-bedroom units ranging from 855 square feet to 1,216 square feet.
The luxury units will offer residents built-in den spaces and private garages while the community’s amenities will include an indoor fitness center, outdoor lounge, grilling areas and storage units.
Located on Hellers Lane, residents at Jefferson Place will have an approximately one hour commute into New York City via Interstate 80 and a roughly 40-minute commute to the Newark Liberty International Airport. Nearby, residents will be a short drive from attractions including the Hopatcong State Park, the Wild West City theme park and Tomahawk Lake.
Building throughout New Jersey
The start of construction on Jefferson Place further grows Diversified Properties’ presence in the New Jersey market. Nick Minoia, founding and managing partner of Diversified Properties, said in prepared remarks that the company’s philosophy focuses on finding underserved markets, such as western Morris County where Jefferson Place is located.
Besides Jefferson Place, Diversified Properties is currently developing the 60-unit Irondale at Wharton located in an opportunity zone in Wharton, N.J. The firm, along with Fidelco Realty, also completed the final phase of construction for the 393-unit Summit Court, located in Union, N.J., last year.
Outside of New Jersey, the company broke ground on the 270-unit Summit Terrace in New Windsor, N.Y. in December and completed the 188-unit Summit Lane in Newburgh, N.Y.
