Circle Squared Alternative Investments today celebrated the groundbreaking of a four building, 126-unit multi-family residential complex located in Netcong, NJ. The complex will comprise approximately 180,000 square feet on a 4.8-acre site located at 34 Bank Street. The multi-family development is a joint venture with the CrownPoint Development Group, a privately held, integrated family of companies with over 90 years of experience in the NY/NJ real estate, and The Hampshire Companies, a full-service, private real estate investment firm.
“We couldn’t be more excited to partner with CrownPoint and Hampshire on this project,” said Jeff Sica, President and CEO of Circle Squared Alternative Investments. “When analyzing multi-family projects, location is such a critical factor to consider, and along with our partners we collectively agreed that Netcong has a lot to offer. Located just over 40 miles outside of Manhattan, the complex will be within walking distance to rail service which provides easy access for those who commute to New York City as well as near restaurants, supermarkets and other popular retailers. Along with the beautiful views and recreational opportunities afforded by Lake Hopatcong and the Musconetcong River, this multi-family complex will surely be in high-demand by families looking to call Morris County home.”
The multi-family complex will comprise state-of-the-art amenities including a paved terrace with outdoor furniture overlooking the Musconetcong River, a two-story Great Room with kitchen area for entertaining, as well as a business center, billiards parlor and fitness room. Each unit will also boast a luxurious design with high-end appliances, lighting and finishes, offering more than just a cookie-cutter feel.
Circle Squared’s partners in this venture are some of the most respected real estate developers and operators in New Jersey. Crown Point Development Group is a privately held company led by Jeffrey Milanaik and John Porcek who each have over 30 years of experience in real estate investing and have developed over $400 million of mixed-use projects in New Jersey. The Hampshire Companies are a privately held, fully integrated real estate operating company with over 60 years and three generations of hands-on, cycle-tested experience in acquiring, developing, leasing, repositioning, managing, financing and disposing of real estate.
“We’re happy to be involved in our second joint venture with CrownPoint and Circle Squared,” said Jon Hanson, Chairman of The Hampshire Companies. “We see tremendous opportunity in the Morris County multifamily market, and we look forward to working with our project partners to create a successful project with leases being signed as quickly as we can build it.”
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
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R&J Strategic Communications