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Deals & Dealmakers

NAI James E. Hanson Negotiates Land Sale to Bring Senior Housing Community to Vernon, N.J.

NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces the sale of several parcels to be developed into a 55-unit senior-housing community at 7, 9 and 11 Theta Drive in Vernon, N.J. NAI James E. Hanson’s Dominic Fittizzi represented the buyer, OneKey, LLC, in the transaction with seller, Theta 456 Associates, LLC.

Positioned less than two miles from Mountain Creek, New Jersey’s premier four-season resort, 7, 9 and 11 Theta Drive contains several land parcels approved for the development of a 55-unit senior housing community. Previously approved for a different use before the pandemic, the former approval expired which led to an opportunity for OneKey, LLC to gain approvals to create much-needed senior housing in Vernon, N.J. The buyer plans to construct and retain the building while managing the property as part of its portfolio. Construction is slated to begin in early 2023 with an estimated completion in the fourth quarter of 2023.

OneKey, LLC, offers pre-construction, construction management, general contracting, trade work and design-build services to meet its clients’ construction needs on every front. From the initial stages of project planning and development through the construction phase and project delivery, OneKey, LLC, works in conjunction with clients under a variety of contract types and delivery methods.

“There is a growing demand for senior housing across the state of New Jersey, especially within westerly markets that are currently underserved,” said Fittizzi. “In this case, the buyer’s experience in the development and management of low and mid-rise construction places them in a strong position to serve the market’s needs. I’m proud to have played a role in providing my client with the services needed to close the deal and bring the community much-needed senior housing.”

To stay connected with NAI James E. Hanson and for updates on the latest transactions and news, please follow NAI Hanson on FacebookTwitter, and LinkedIn.

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