Valley Road Apartments Will Create New Mixed Income Homes in Transit Oriented Development
On August 7, 2018, project partners held a groundbreaking ceremony for the new Valley Road Apartments – 100 new Mixed Income Homes – at 22-24 Central Avenue in the Township of West Orange.
Joseph Alpert, President, The Alpert Group, Mayor Robert Parisi, West Orange
Susan McCartney, Council President, West Orange, Reverend Platt, Katie Brennan, Chief of Staff, NJHMFA, David Barry, President, and Ironstate Development attended and spoke at the event.
Along with the speakers, local community partners, representatives from West Orange, and funders from the County and State attended the event.
- The Valley Road Apartments is a mixed-income project with 100 apartments for a wide variety of households.
- Of the 100 apartments, there will be 45 market rate units, 48 units reserved for households with incomes that do not exceed 60% of the Area Median Income, and 7 units reserved for households with incomes that do not exceed 30% of the Area Median Income.
Joseph Alpert/The Alpert Group LLC is the developer and property manager for the Valley Road Apartments. The Alpert Group, LLC is a third generation, family owned and operated full-service real estate management and development company based in Fort Lee. Since its founding over 40 years ago, the company has developed over 2,000 units in new construction and adaptive reuse housing projects.
Monarch Housing Associates is the housing development consultant to the Valley Road project.
Other development team members include:
- Ironstate Holdings LLC (co-developer),
- Kitchen & Associates (architect),
- Katerra Construction (general contractor),
- Brach Eichler LLC (attorney), and
- Enterprise Community Investment, Inc. (tax credit syndicator.)
Valley Road Apartments are located in the Valley neighborhood in West Orange, a mixed-use neighborhood that is undergoing significant residential, commercial and cultural revitalization. Development of the Valley Road Residential project will contribute to the other revitalization initiatives underway in the surrounding area including the opening and beautification of the East Branch of the Rahway River and redevelopment of the Valley neighborhood as a vibrant mixed-use residential neighborhood and arts district.
The project is located in a designated Smart Growth Area and is a Transit Oriented Development. The project is within a half mile of the Highland Avenue NJ Transit station. The project will help create a livable and sustainable community where all people have access to public transportation and housing in the community.
The project is being financed through a construction loan from TD Bank, mortgage financing through Walker & Dunlop; the Township of West Orange’s municipal affordable housing trust fund; and equity from the sale of 9% federal Low Income Housing Tax credits syndicated through Enterprise Community Investment.