“We have seen significant demand for multi-housing development sites in New Jersey especially in infill markets throughout the state. The JLL Capital Markets Investment Advisory team representing Bijou was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, Director Ryan Robertson, Managing Directors Michael Oliver and Steve Simonelli and Associate Michael Zlotnick. Additionally, the location offers a Walk Score® of 92. The site is also proximate to I-280, the Garden State Parkway and I-95, providing residents access throughout the tri-state region. Situated at 65 Church St., the property is less than one mile from the NJ Transit Walnut Street and Bay Street Stations, with train service to New York Penn Station on the Montclair-Boonton line in less than 40 minutes. The property will accommodate 112 vehicles across two levels. Numerous amenity spaces will include a rooftop deck with views of the New York skyline, a bicycle room, indoor lounge, fitness room and a package room. The site is also approved for one one-bedroom, five two-bedroom and two three-bedroom affordable residential units. The four-story property will feature 34 one-bedroom, 30 two-bedroom and two three-bedroom market residential units. JLL worked on behalf of Bijou Properties, LLC and Accurate. The project will include 74 apartment units and 3,873 square feet of retail space in downtown Montclair, New Jersey. MORRISTOWN, NJ, Octo– JLL Capital Markets announced today that it has arranged $10 million in joint venture equity for the acquisition of 65 Church St., the fully approved redevelopment site in Montclair, New Jersey.
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