Rickland Estates at Paramus, LLC, Sells Subdivision to Interbuild Holding, LLC
By Mel Fabrikant Wednesday, September 24, 2008, 04:11 PM EDT
— After Purchasing Property in 2005 in Foreclosure, Value Companies’ Affiliate Realizes Return on Investment Less Than Three Years Later —
Rickland Estates at Paramus, LLC, an affiliate of Clifton, N.J.-based real estate developer Value Companies, recently sold a Paramus, N.J., subdivision to Interbuild Holdings, a Paramus-based developer. Located on Forest Avenue, the site consists of more than three acres of land. Rickland Estates purchased the site’s co-op inventory and the vacant land surrounding it during foreclosure in 2005.
After selling off the co-op inventory and redeveloping the adjacent land tract into a small subdivision, Rickland Estates decided to sell the land — complete with government approvals to develop single-family homes — as it continues to focus on larger multifamily and mixed-use properties.
“While we liked the project, with the three ongoing apartment communities we’re currently developing, it made more sense to sell our approvals at the present time. This turned out to be a successful investment for Rickland Estates,” said Jonathan Moore, Value Companies' vice president of development. "And with the site already approved for single-family homes, this land will serve as an excellent location for Interbuild Holdings to develop a quality new community.”
With a Paramus address, the site is located in the heart of Bergen County, which offers some of the finest shopping, entertainment and dining opportunities in all of New Jersey. Paramus is also just minutes from the vast cultural and entertainment offerings of New York City.
About Value Companies
Founded in 1952, Value Companies is a leading real estate development, investment and management company headquartered in Clifton, N. J. The company currently boasts a portfolio exceeding 3,350 residential units located throughout New Jersey, Pennsylvania, New York, Texas and Florida. From suburban master-planned communities to urban infill redevelopment, Value Companies has embarked on $100 million in new development initiatives across the luxury rental, condominium and urban mixed-use sectors. For more information, please contact Value Companies’ headquarters at 973- 473-2800 or visit www.valuecompanies.com.
Rickland Estates at Paramus, LLC, an affiliate of Clifton, N.J.-based real estate developer Value Companies, recently sold a Paramus, N.J., subdivision to Interbuild Holdings, a Paramus-based developer. Located on Forest Avenue, the site consists of more than three acres of land. Rickland Estates purchased the site’s co-op inventory and the vacant land surrounding it during foreclosure in 2005.
After selling off the co-op inventory and redeveloping the adjacent land tract into a small subdivision, Rickland Estates decided to sell the land — complete with government approvals to develop single-family homes — as it continues to focus on larger multifamily and mixed-use properties.
“While we liked the project, with the three ongoing apartment communities we’re currently developing, it made more sense to sell our approvals at the present time. This turned out to be a successful investment for Rickland Estates,” said Jonathan Moore, Value Companies' vice president of development. "And with the site already approved for single-family homes, this land will serve as an excellent location for Interbuild Holdings to develop a quality new community.”
With a Paramus address, the site is located in the heart of Bergen County, which offers some of the finest shopping, entertainment and dining opportunities in all of New Jersey. Paramus is also just minutes from the vast cultural and entertainment offerings of New York City.
About Value Companies
Founded in 1952, Value Companies is a leading real estate development, investment and management company headquartered in Clifton, N. J. The company currently boasts a portfolio exceeding 3,350 residential units located throughout New Jersey, Pennsylvania, New York, Texas and Florida. From suburban master-planned communities to urban infill redevelopment, Value Companies has embarked on $100 million in new development initiatives across the luxury rental, condominium and urban mixed-use sectors. For more information, please contact Value Companies’ headquarters at 973- 473-2800 or visit www.valuecompanies.com.
