New Jersey Multifamily Investment Offering With 20% Target IRR

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The RealtyMogul real estate investing platform has a new offering. The Irondale at Wharton will bring 60 new class-A multi-family units to the lucrative Morris County, New Jersey submarket. Morris County offers residents easy access to public transportation hubs connecting to New York City. It’s also close to freeways, with Interstates 80, 287 and Route 46 offering easy routes into the greater tri-state area.

It is home to 33 Fortune 500 companies who have operations in Morris County, including Pfizer, Exxon/Mobil and Novartis. Adding to the appeal of the offering is Morris County’s average apartment occupancy rate of nearly 95% and upward trend in rents, which have increased almost 8% in the last year alone.

Investment Highlights

The Irondale will be built from the ground up on a parcel of vacant land that is under a purchase contract for $2,250,000. The projected per unit cost is $325,000, which brings the total price of the development to $19,500,000. The project sponsor, Diversified Properties LLC is seeking to raise $5,856,821 from investors, who will receive equity shares in the offering.

The development will hold 54 market rate units and 6 affordable housing units, which have been included in accordance with New Jersey law. The current plan is to complete construction and then stabilize the offering through an aggressive lease up. The sponsors are projecting a sale price of $385,000/unit, which would represent a 5% capitalization rate at the end of the hold period.

  • Minimum investment: $35,000
  • Projected hold period: 2½ years
  • Projected internal rate of return (IRR): 20%
  • Projected equity multiple: 1.5x

About the Project Sponsor

Diversified Properties LLC is a New Jersey-based real estate development and management company founded in 2000. The firm focuses on value-add and resale of commercial offerings in multiple sectors in the northeastern United States. It has experience with multifamily, office, self storage and retail facilities. Its current portfolio has an estimated value of over $500,000.

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Photo: Courtesy of RealtyMogul

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