PEEK Development (PEEK) has concluded its initial fundraising round for two Qualified Opportunity Fund (QOF) projects in the pre-construction phase in the City of Orange.
PEEK Reock I QOF, LLC and PEEK Reock II QOF, LLC are slated to break ground next year on two separate apartment-rental properties of 50 and 118 apartment-home units, respectively, within the city’s Reock Street Redevelopment Area (RSRA).
The developments align with the city’s efforts to revitalize land and property parcels between the NJ Transit railroad right-of-way and Freeway Drive/Interstate 280. The area is bounded by South Essex Avenue to the west and South Center Street to the east.
PEEK, formed last fall, is an investment, development and management joint venture focusing on traditional development as well as recently approved opportunity zone projects throughout New Jersey’s urban submarkets. Equis Realty Partners LLC, based in Jersey City, and The Fountain Group LLC of Teaneck are employing an opportunity fund strategy that identifies, constructs, completes and delivers apartment rentals to market. Currently, PEEK has a project pipeline of 300-plus market-rate units valued in excess of $85 million.
