Amstar Announces Joint Venture for Class A Multifamily Development in Bloomfield, NJ
Bloomfield, NJ (December 11, 2018) – On December 11, 2018, Amstar and its development partner, New Jersey-based CHA Partners, announced the formation of a joint venture for the development of Six Points at Bloomfield Station, a 176-unit Class A multifamily project in Bloomfield, NJ.
In recent years, Bloomfield has experienced increased levels of demand from commuter-oriented young professionals looking for economic housing options that are in close proximity to transportation hubs with a reasonable commute time to and from Manhattan, Jersey City and Hoboken. The project site is ideally situated in a highly amenitized and walkable downtown area with a premier location one block from the Bloomfield transit rail station, which has more than 1,000 commuters board each weekday. Commuters can take the 30-minute, 4-stop train with direct access to New York Penn Station or transfer at the Newark Broad Street Station, with train lines to Hoboken and Jersey City. In addition to transit connectivity, Bloomfield has multiple access points to the Garden State Parkway, which provides commuters with connectivity to several Corporate 500 headquarters in Northern New Jersey, including Prudential Financial, MetLife, Panasonic and Verizon.
The Class-A project will offer a mix of studio, one and two-bedroom apartments on four stories above two levels of parking. Apartment units will feature stainless steel appliances, quartz countertops, 9-foot ceilings, in-unit washer and dryers, and private balconies. Property amenities include three outdoor areas with grilling stations and fire pits, a fitness center and yoga studio and concierge service from the building lobby.
This is the first joint venture partnership between Amstar and CHA Partners. CHA Partners specializes in public-private partnerships and mixed-use projects and has developed over one million square feet of multifamily, retail, office and medical facilities in New Jersey and New York. Metro Real Estate Development Corporation will serve as the general contractor. Michels & Waldron has been engaged for architectural and project design and Harbor Consultants will serve as the civil engineer.