Denholtz, Redwood JV Plans Luxury Development in New Jersey Multifamily Real Estate News

The rail at Bound Brook. Reproduced with permission from Denholtz Properties

A joint venture between Denholtz properties and Redwood real estate group plans to build The Rail at Bound Brook, a 143-unit Class A multi-family development in Bound Brook, NJ.

The six-story building at 100 Hamilton St. was designed by award-winning architects Minno & Wasko and will have a mix of studio, one-bedroom, one-bedroom plus den, and two-bedroom layouts designed for post-pandemic living with additional work from living space and outdoor balconies and patios in select units . Amenities include a courtyard with outdoor grills and seating, an indoor fitness and yoga studio, a game room, and bike storage. The property is just steps from the Bound Brook Train Station, providing access to a range of shopping and dining options in Somerset County.

Bound Brook has grown in popularity since the US Army Corps of Engineers completed a $143 million flood defense project in 2016. Through the work, the district was able to effectively clean up the flooding that had caused it to lag behind other nearby communities in real estate investment and development. Since the completion of the flood control project, the state of New Jersey and the county of Bound Brook have designated Bound Brook as a transit village and distributed $2.2 million toward the creation of a one-block pedestrian plaza adjacent to the proposed entrance of The Rail at Bound Brook.

Growing portfolio

Steven Denholtz, CEO of Denholtz Properties, based in Red Bank, NJ, said in a prepared statement that Bound Brook’s extremely favorable local demographics, strategic location and tremendous untapped opportunity make it the ideal location to execute the company’s opportunistic strategy implement.

The Company recently opened The Rail at Red Bank, a luxury 57-unit multifamily building with 7.5 square feet of ground floor retail that has transformed the area surrounding the Red Bank train station in Red Bank, NJ. The company has also expanded its holdings in the Southeast over the past year, adding 5250 JB Drive Apartments, a 384-unit multifamily building in Murfreesboro, Tennessee, and Vida Apartments, a 289-unit multifamily development in Kannapolis, NC. The Company received a two-year, $76.8 million, adjustable rate loan from Natixis Corporate & Investment for its August purchase of the Murfreesboro facility from Chandler Real Estate. Total funds raised for the sale exceeded $100 million, according to the JLL Capital Markets team that secured the financing.