The KRE Group, a full-service real estate investment and management company with more than five decades of experience, and Mark Built Homes, a family-owned firm that has been building homes in New Jersey for three generations, announced today that they have jointly acquired a five–acre property in downtown Madison, NJ.
A total of 135 residences are planned for the site on Green Village Road, just two blocks from the Madison Train Station. KRE will construct 100 luxury rental residences on the property and Mark Built Homes will construct 35 luxury condominiums. Construction is slated to begin in the first quarter of 2016, with an anticipated completion date in the second quarter of 2017.
The property is the site of the former Green Village Road School. The Madison Board of Education was the seller. Exact terms of the deal were undisclosed.
“A property of this size less than two blocks from a train station with direct service to Manhattan has enormous potential,” said Jonathan Kushner, President of The KRE Group. “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.”
Madison is a borough in Morris County known for its tree-lined suburban streets and the distinct Norman Rockwell quality of its downtown. It is home to two private universities and several corporate campuses. Route 287 and 24 are both easily accessible from the community, and downtown Morristown is less than four miles away.
“This is exactly the type of location we look for when we set out to design a new community,” said Michael Markovitz, President of Mark Built Homes. “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.”
The acquisition was a strategic decision by both KRE and Mark Built Homes to pursue a transit-oriented development opportunity. For Mark Built Homes, it is a formula for success the company has already executed in Summit, Morris Township and other nearby communities. The Union-based developer is one of the most decorated, well-respected home builders in the state, having captured the New Jersey Builders Association’s coveted “Community of the Year” award an astonishing three years in a row. The company has deep roots in New Jersey’s suburban real estate market and a firm commitment to creating homes that are creatively distinct, architecturally significant and unsurpassed in resident satisfaction.
KRE, based in Bridgewater, has been one of the most active transit-oriented developers in the state in recent years, particularly in Jersey City, where it has developed and leased such prominent residential properties as 18 Park, 225 Grand and Grove Pointe. It is currently developing “Journal Squared”, a collection of three residential towers in Jersey City’s historic Journal Square neighborhood that will ultimately comprise 1,838 rental residences and 36,000 square feet of commercial space. Other prominent projects in development include Madison Farms, a 100-acre mixed-use property in Bethlehem Township, PA that is slated for 837 luxury residences and 140,000 square feet of retail space; and Hudson Lights, a 1,000,000 square-foot mixed-use project in Fort Lee, NJ.
About The KRE Group
Headquartered in Bridgewater, NJ, KRE Group is one of the largest privately held diversified real estate companies in New Jersey. It owns and manages more than 6,000,000 square feet of office, warehouse and retail space. It also has a multi-family portfolio which exceeds 5,000 existing apartments, with an additional 7,000 in various stages of approval and construction. For more information, visit the company’s website at www.thekregroup.com.
About Mark Built Homes
Led by President Michael Markovitz, Mark Built Homes has been a renowned, award-winning family-owned business for more than three generations. The company is responsible for creating distinguished neighborhoods of all kinds, ranging from luxurious single-family estate home communities to magnificent townhomes and well-appointed condominium offerings. Recent successful developments include James Place in Morris Township, Summit Place in Summit, The Heights at Tenafly and Pheasant Crossing in Basking Ridge and Bernardsville. For more information, visit the company’s website at www.markbuilt.com.