A pair of real estate firms have acquired a five-acre property in Madison, intended to build 135 residences two blocks from the borough train station.
Real estate investment and management company The KRE Group and homebuilder Mark Built Homes have teamed up to buy the former Green Village Road School site on Green Village Road from the Madison Board of Education. There, Bridgewater-based KRE plans to build 100 luxury apartments, while Union-based Mark Built Homes will put up 35 luxury condominiums.
“A property of this size less than two blocks from a train station with direct service to Manhattan has enormous potential,” Jonathan Kushner, KRE’s president, said in a prepared statement. “The fact that it is located in one of New Jersey’s top suburban communities, just a short walk from a thriving downtown with shops and restaurants, really enhances its appeal, which is why we made this acquisition a top priority.”
Construction is scheduled to begin in the first quarter, with anticipated completion in the second quarter of 2017, the firms said.
“This is exactly the type of location we look for when we set out to design a new community,” Michael Markovitz, president of Mark Built Homes, said in a statement. “Our goal is to capitalize on the ideal setting with upscale homes of character and value that truly deliver a unique residential product to the neighborhood.”
Financial terms of the transaction were not disclosed.