JLL Capital Markets announced that it has arranged the first phase of the sale of Bridgeview, a 136-unit luxury townhome development in Kearny, New Jersey.
JLL represented the seller, Russo Development. The buyer is PulteGroup, Inc.
Bridgeview by Pulte Homes, is situated at 55 Passaic Avenue, offering future residents views of the Passaic River. The development which is fully approved for 136 market-rate townhomes will have flexibility in design and amenities. Adjacent to the property, a seven-acre community park is currently under construction, providing residents with abundant outdoor space.
JLL’s investment sales and advisory team representing the seller was led by Senior Managing Director Jose Cruz and Senior Director Ryan Robertson along with Senior Managing Directors Steve Simonelli and Michael Oliver and Directors Elizabeth DeVesty and Austin Pierce.
“Bridgeview by Pulte Homes presents a unique opportunity in the thriving Hudson County multi-housing market,” said Cruz. “With its prime waterfront location and proximity to major employment centers, this development is well-positioned to capitalize on the growing demand for high-quality housing in the area.”
“We were honored to have played a role in the sale of the property to PulteGroup, who was able to work with Russo on a unique business plan to acquire shovel ready lots to expedite the projects construction timeline,” Robertson added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
