PROGRESS CAPITAL | Qualified Opportunity Zone Investment | Multifamily Project | Jersey City
18574
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Qualified Opportunity Zone Investment | Multifamily Project | Jersey City

Qualified Opportunity Zone Investment | Multifamily Project | Jersey City

00:01 29 March in News & Talk

The Element
400 Claremont Avenue
Jersey City, NJ 07304

 

PROJECT HIGHLIGHTS

  • The partnership has been established to comply with OZ requirements including a commitment to a 10 year holding period
  • The total “all in” budget is approximately $115 Million and the property is expected to be valued at $192 Million upon completion
  • 631 residential units, 15,500 SF of retail, 279 covered parking spaces and an abundance of amenities
  • Since the project will be “stick construction” over two floors of concrete, the construction costs are contained
  • The project is underway with demolition complete and excavation in process
  • Highly experienced sponsors with strong combined net worth and over 20 years development experience
  • The project is designed to attract the young urban renter with smaller unit sizes, a highly amenitized building with rents starting at $1,295
  • The property is located in a UEZ (Urban Enterprise Zone) allowing for savings on sales tax during construction and after
  • Steps away from the West Side Light Rail Train Stop, plus private shuttle service to the Path every 12 minutes during peak commuting times
  • Financial metrics that will meet all investment UW criteria
  • Initial capital investment is anticipated to be returned in Year 4, so the investor will continue to own an interest and receive income, while having received their initial investment back

Progress Capital is looking for $10 Million to round out the equity raise - small increments permitted.

For More Information Contact
KATHY ANDERSON
908-601-4891
Kathy@ProgressCapital.com