NJHMFA Celebrates Topping Out Ceremony for Mixed-Income Apartment Complex in Essex County
Transit-Oriented Project to Provide 100 Apartments
WEST ORANGE, NJ – A topping-out ceremony today marked the near completion of a new transit-oriented development that will provide 100 mixed-income rental apartments and included New Jersey Housing and Mortgage Finance Agency (NJHMFA) staff, local officials and representatives of The Alpert Group.
Valley Road Residential features a five-story building with 45 market-rate apartments and 55 that are affordable for households earning up to 60 percent of the area median income (AMI). Seven apartments will provide homes for residents earning 30 percent AMI or less.
The development is located at 22 Central Avenue in a mixed-use neighborhood and arts district undergoing significant revitalization. It is also located in a Smart Growth Area and adjacent to the Highland Avenue train station, providing easy access for commuters.
“The Valley Road apartments are an exciting addition to the West Orange neighborhood and will provide families and young people entering the workforce a high-quality place to live that’s close to public transportation,” said Lieutenant Governor Sheila Oliver, who also serves as Commissioner of the Department of Community Affairs and Chair of the NJHMFA board. “Governor Murphy and I, along with our partners at NJHMFA and the Alpert Group, are pleased to continue to build affordable living opportunities in New Jersey for working families and young people with projects like this.”
Valley Road Residential was developed on a former industrial site and brownfield adjacent to the Harvard Printing apartments in Orange, a 2018 NJ Future Smart Growth award-winning project developed by the same team with NJHMFA financing assistance.
“Mixed-income developments increase community and economic diversity and bolster the long-term vitality of the neighborhood,” said NJHMFA Executive Director Charles A. Richman. “Valley Road Residential’s proximity to transportation and access to job opportunities, along with walkability to neighborhood amenities, make it especially appealing.”
NJHMFA awarded the development 9% Low Income Housing Tax Credits, which are expected to generate $12.5 million in private equity. The $29.7 million development also received funding from West Orange’s Affordable Housing Trust Fund.
Rents on the one- to three-bedroom apartments will range from $449 to $1,361 for the affordable units and $1,500 to $1,795 for market-rate units. The development also includes onsite parking, a community room, and common laundry facilities. Construction is expected to be complete by the end of the year.
The developers include:
- The Alpert Group, based in Fort Lee, a family-owned, full-service real estate management and development company.
- Ironstate Development, a developer, owner and manager of innovative, large-scale real estate developments in New York and New Jersey.
- HANDS (Housing and Neighborhood Development Services, Inc.), which has worked since 1986 to implement a neighborhood revitalization effort in the City of Orange and its urban neighbors.
Rental information is expected to be available at harvardprintingapts.com.
For more information on NJHMFA and its programs, visit njhousing.gov.