47-Unit Townhome Community Is The Latest Acquisition in Aggressive Plan To Expand Real Estate Portfolio
PARAMUS, N.J. –- HornRock Properties has recently purchased an 8.379-acre site in the prestigious Morris County, N.J. Borough of Mountain Lakes where it will develop its next signature residential community.
Called The Legacy of Mountain Lakes, the property is the latest acquisition in the Paramus, N.J.-based Company’s aggressive plan to expand its portfolio by purchasing commercial, residential and mixed-use real estate developments within the next 12 months. Construction is already underway on the 47-home development which is expected to open in early 2013.
“We are, first and foremost, a real estate developer which gives us a unique advantage when it comes to acquiring, developing and managing residential and commercial projects,” says David Hornblass, a principal of HornRock Properties. “Legacy of Mountain Lakes is the perfect example. By combining our ability to draw on significant financial resources with our extensive experience in new home development, we were not only able to close on the property quickly, but also begin the approval and construction process shortly after the purchase was completed.”
Legacy of Mountain Lakes is indicative of the type of residential acquisition opportunities HornRock Properties is identifying, which include condos, rentals, townhomes, single-family, multi-family and distressed assets in desirable urban and suburban Northeastern locations. These range from existing assets in need of repositioning or redevelopment to ground-up developments or partially-completed projects.
“Simply put, our objective is to purchase properties in prime locations that produce high returns on the investment, whether it’s buying a piece of raw land, rezoning it and building it out or finishing a project that’s already 70 % complete,” says Maurice Hornblass, another HornRock Properties principal. “With a trophy residential address in Morris County, Legacy of Mountain Lakes is certainly one of the many types of opportunities we’re targeting.
“The development includes one completed townhome building. However, we looked at the current market and determined that the existing product did not work for today’s homebuyers. We reworked the existing plans as well as created an entirely new product line that fits current market needs.
“This includes finishing the build-out by adding two new collections – the Signature Home Series and Carriage Home Series– with modified floorplans that reflect the desires of today’s homebuyer. The end result will be spacious and well-designed townhomes in a community in one of New Jersey’s premier municipalities that’s sure to generate immediate capital.”
HornRock has assembled a distinguished team of acquisition, architecture, construction, management and marketing professionals to help meet its objectives and address challenges and opportunities during all market cycles and in all elements of the real estate development process.
“We have a long-term outlook on the market, so we’re leveraging our access to capital to gain a strong foothold in the northeast marketplace and complete projects quickly and efficiently,” says Maurice. “We remain in discussions with representatives of the real estate community, development community, lending community, law firms and other real estate service providers to help us identify viable opportunities.
“We’re focusing on making the right deals and have the resources to close, an important ingredient in this market place. Our philosophy remains as long as the numbers make sense, we’re willing and ready to move forward on intelligent investment opportunities.”
In addition to Legacy of Mountain Lakes, HornRock Properties is developing HighPointe at Woodbury Junction, a collection of single-family homes in the well-established Woodbury Junction neighborhood in Central Valley, NY.