$10M In Funding Arranged For Future Apartment Complex In Montclair

MONTCLAIR, NJ — A national real estate investment company announced Monday that it has arranged $10 million in joint venture equity for the acquisition of 65 Church Street, a “fully approved redevelopment site” in Montclair.

The project will include 74 apartment units and 3,873 square feet of retail space in downtown Montclair, said JLL Capital Markets, which worked on behalf of Bijou Properties, LLC and Accurate.

According to a news release from the firm:

“The four-story property will feature 34 one-bedroom, 30 two-bedroom and two three-bedroom market residential units. The site is also approved for one one-bedroom, five two-bedroom and two three-bedroom affordable residential units. Numerous amenity spaces will include a rooftop deck with views of the New York skyline, a bicycle room, indoor lounge, fitness room and a package room. The property will accommodate 112 vehicles across two levels.”

“We have seen significant demand for multi-housing development sites in New Jersey especially in infill markets throughout the state,” said Jose Cruz, a senior managing director with JLL Capital.

“Montclair is one of the most desirable submarkets and the activity reflected that,” Cruz added.

“We are delighted to expand our development footprint with this well-located site in Montclair which is often recognized as one of the most desirable places to live,” said Jack Klugmann, president and CEO of Accurate.

“We look forward to delivering a new modern, residential option to this dynamic town that will complement its unique charm and character and appeal to both existing and new residents,” Klugmann said.

Send local news tips and correction requests to [email protected]. Learn more about advertising on Patch here. Find out how to post announcements or events to your local Patch site. Don’t forget to visit the Patch Montclair Facebook page.