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The Paramus Post - Greater Paramus News and Lifestyle Webzine
Monday, August 02 2021 @ 06:35 AM EDT
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The Paramus Post - Greater Paramus News and Lifestyle Webzine
Monday, August 02 2021 @ 06:35 AM EDT
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The Paramus Post - Greater Paramus News and Lifestyle Webzine

Diversified Properties Bolsters Tri-State Area Multifamily Portfolio with Completion of East Rutherford Luxury Building


480 Flatz to welcome first residents on March 1st
East Rutherford, N.J. (February 23, 2021) – Diversified Properties, one of the region’s most experienced commercial real estate builders and owners, and joint venture partner, North Jersey Builders Group, announce the completion of 480 Flatz, a four-story, 35-unit luxury multifamily building located at 480 Paterson Avenue in East Rutherford, N.J.  The community is slated for occupancy beginning March 1st. Financing for the project has been provided by Kearny Bank.

Conveniently located between Routes 3, 17 and 21 just a short ride from the MetLife Sports Complex and New York City, 480 Flatz brings a unique luxury living experience to the heart of Bergen County. Among the first luxury multifamily buildings to be completed in downtown East Rutherford, 480 Flatz boasts a Walk Score of 77, categorizing its location as highly walkable due to its easy access to area amenities. Additionally, the community’s proximity to both the Rutherford and Wood Ridge NJ Transit stations with direct service to New York City provide easy access to all that the New York City metropolitan area has to offer.

Designed by Thomas J. Brennan Architects with engineering provided by MCB Engineering Associates and construction managed by Morris Construction Management, Diversified Properties’ affiliated construction management firm, each of 480 Flatz’s 35 one, two and three-bedroom units offers designer kitchens with granite countertops and stainless steel appliances as well as in-unit washers and dryers. 480 Flatz’s modern and well-appointed residential units are coupled with a contemporary exterior design as well as convenient, ample onsite surface parking and elevator service.

The completion of the luxury multifamily building marks the latest successful chapter in Diversified Properties’ deep history of bringing challenging and complex value-add projects to life. Prior to Diversified Properties’ acquisition, 480 Paterson Avenue was a vacant, half-acre bank-owned parcel with little hopes of future development. However, the firm’s unparalleled experience in revitalizing distressed assets paired with its executive team’s creativity, ingenuity and problem-solving abilities provided the tools necessary to successfully unlock value from the site. Working closely with East Rutherford’s municipal leadership and the owner of the property, Diversified Properties envisioned a new, creative adaptive reuse for the site. Their deep understanding of complex real estate financing and development projects enabled the company to craft a plan that would enable the bank to exit the property while developing the ideal conditions for Diversified Properties and North Jersey Builders Group to execute their value-add project at the well-located site.   

“At the core, we are builders,” said Nicholas Minoia, Founder and Managing Principal of Diversified Properties. “Our foundational understanding of the construction process paired with decades of value-add expertise not only provide us with the vision to see opportunity where many others might not, but the capabilities and efficiency needed to realize it. We look forward to continuing to leverage our value-add experience to bring dynamic, in-demand spaces like 480 Flatz to life in communities across the Northeast in the years to come.”

Since its inception in 2000, Diversified Properties has built a reputation for its unparalleled ability to transform challenges like 480 Paterson Avenue into opportunities. Leveraging the vision and expertise of its highly seasoned staff under the leadership of industry veteran Nicholas Minoia, Diversified Properties has successfully transformed dozens of distressed or undervalued properties in the tri-state area over the last two decades.

In addition to 480 Flatz, Diversified Properties’ boasts a growing portfolio of tri-state area multifamily communities including the recently completed 30 Court, a 58-unit ultra-luxury multifamily building in Morristown, N.J., as well as Summit Lane, a 188-unit luxury apartment community in Newburgh, N.Y., Summit Terrace, a 270-unit luxury apartment community in New Windsor, N.Y. and Summit Court in Union, N.J. where the first phase of 130 units is completed and stabilized.

Focused on continuing to enhance its diverse portfolio of assets, Diversified Properties is also in the midst of several ambitious development projects across the region headlined by its recently completed CubeSmart self-storage facility in Montville as well as several new multifamily and industrial developments.

For more information about 480 Flatz and available residential opportunities, please visit 480flatz.com.

About Diversified Properties

Diversified Properties is one of the region’s most experienced commercial real estate builders and owners with a diverse portfolio of high-quality, value-add assets throughout the northeast and a veteran team of real estate professionals. Diversified Properties leverages its entrepreneurial approach and multi-disciplinary in-house capabilities to capitalize on opportunistic ground-up development and redevelopment projects in key growth markets. Driven by a passion for building, Diversified Properties leverages its extensive hands-on experience to drive value and create spaces where businesses and communities can thrive.

Follow Diversified on Facebook at facebook.com/DiversifiedPropertiesLLC, LinkedIn at linkedin.com/company/diversifiedproperties, and Twitter at twitter.com/DivPropNJ.

For more on Diversified Properties, please visit https://www.diversifiedproperties.com/.

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