New Housing Will Create New Mixed Income Homes in Transit Oriented Development By The end of This Year
On Friday April 26, 2019, project partners held a topping-off ceremony for the new Valley Road Apartments. Construction is almost complete. The topping-off ceremony on Friday commemorated the completion of the roof over the main frame of the structure.
The construction of the 100-unit, $29 million project began in August 2018 and is expected to be complete by the end of the year. The four-story apartment building, located in the Valley Arts district of West Orange, is situated across from the recently completed Harvard Printing Apartments in Orange.
The apartments will include 100 new Mixed Income Homes at 22-24 Central Avenue in the Township of West Orange.
The Valley Road Apartments is a mixed-income project with 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.)
The New Jersey Housing Mortgage Finance Authority awarded the development 9 percent Low Income Housing Tax Credits, which are expected to generate $12.5 million in private equity. The $29.7 million development also received funding from West Orange’s Affordable Housing Trust Fund.
Click here for photos taken by Asish Patel, COO at Monarch Housing Associates. They are on our Facebook page.