Why Demand Is As Robust As Supply For NJ Apartments
The key question for the New Jersey multifamily market is whether demand—which has been brisk in a lot of NJ cities—can keep up with supply, which has been no slouch either. Find out at our State of New Jersey's Multifamily Market on Wednesday (Sept. 21) at the Liberty House Restaurant in Jersey City.
"The demand for new Class-A multifamily continues to be robust in most transit-oriented Northern New Jersey markets, even as significant new supply has been brought to market," Mill Creek Residential Trust senior managing director Russell Tepper, who will be a speaker at the event, tells us.
Absorption levels remain high and rent growth has remained at or above forecast levels. "We anticipate that this positive trend will continue in the coming year," Russell says.
Mill Creek recently completed Modera Lofts, a redevelopment of the 100-year-old Bulter Brothers warehouse in Jersey City that the company bought in 2014. The project is Mill Creek's first adaptive reuse and historic renovation, transforming the structure into apartments. Mill Creek developed Modera 44 in Downtown Morristown and has upcoming developments in both Morristown and Parsippany.
Hear more from Russell and our other experts (and have a fine breakfast) at our State of New Jersey's Multifamily Market, beginning at 7:30am on Wednesday (Sept. 21) at the Liberty House Restaurant in Jersey City. Sign up here.