Dover 2.1x multiple and 63% IRR in 18 months
Transit Village Plaza is a new build which began in 2017 and will be 20% occupied before the close date by end of 2020. The Property is a beautiful 280,000 sq ft Class A multi-family building consisting of 214 units and one 2300 sq ft commercial unit facing the main street in Dover. The building consists of two stories of indoor parking below the 4 stories of apartments with two elevators servicing the tenants. The apartment make up consists of 47 one bedroom, 76 one bedroom with a den, 91 two-bedroom apartments, a state-of-the-art gym, tenant lounges per floor, exciting game room, and a beautiful open-air courtyard. Even the garage parking which has 283 spot capacity spanning two floors has clean and modern finishes.
The building location is at the heart of Dover’s downtown. Transit Village Plaza’s courtyard opens onto Blackwell Street, Dover’s main thoroughfare for shopping, dining and transportation. There is already a local drive to modernize the immediate area around Blackwell street adding new restaurants, bars, and renovating the retail. Our building is only steps away from the Dover NJ Transit Train Station. The station offers access to all points in North Jersey, is only 90 minutes from Penn Station and 2 stops from Morristown.
Dover, New Jersey is in the affluent and much desired Morris County. Morris County has the highest per capita personal income in New Jersey. Forbes has named Morris County the 6th best place to raise a family due to the number of desirable employment opportunities. Unlike Parsippany and Morristown, Dover is still an emerging market in the area which allows our building to offer very competitive rents for a better product. The exciting night life of Morristown boasting over 150 restaurants and bars is only two stops away using the train. The primary economic pull to the area is the large corporate office presence in the greater Morris County area. Morris County has 28,342,138 sf of office space over 293 buildings. It is also New Jersey’s largest concentration of fortune 500 companies. A few prominent examples of large corporate employers in the immediate area includes: Bayer Healthcare (650,000), Allergan (500,000), Honeywell (475,000), UPS (200,000), GAF (330,000), and MetLife (185,000). 1 West Dickerson Street, Dover, NJ, United States