MOUNTAIN LAKES, NJ-HornRock Properties has broken ground at a Morris County site for a new residential community of 47 townhomes, GlobeSt.com has learned. The development is to be called Legacy of Mountain Lakes.
Construction of for-sale homes has been exceedingly sparse in New Jersey since the market crash year of 2009 when housing starts declined to Depression-era levels. However, HornRock principals say they see an excellent opportunity to build upscale townhomes on the 8.4-acre site they recently purchased in the affluent borough of Mountain Lakes
The site already has one completed townhome building.
“However, we looked at the current market and determined that the existing product did not work for today’s homebuyers,” says David Hornblass of the Paramus-based company. “We reworked the existing plans as well as created an entirely new product line that fits current market needs.”
“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 Hornblass, also a principal. “We’re focusing on making the right deals and we have the resources to close, an important ingredient in this market place.
Maurice Hornblass says, “As long as the numbers make sense, we’re willing and ready to move forward on intelligent investment opportunities.”
The company is pursuing an aggressive plan to expand its portfolio by purchasing and developing commercial, residential and mixed-use properties over the next 12 months, the executives say.
David Hornblass says the company seeks to acquire more condos, rentals, townhomes, single-family, multi-family and distressed assets in urban and suburban Northeastern locations. That includes existing buildings in need of repositioning or redevelopment, raw land for ground-up development and partially-completed projects.
He called the Legacy of Mountain lakes property “a trophy residential address in Morris County.” The company plans to add two new “collections” of townhomes, its Signature Home Series and Carriage Home Series that are designed for today’s homebuyers.
In addition to Legacy of Mountain Lakes, HornRock Properties is currently developing High Pointe at Woodbury Junction, a community of single-family homes in Central Valley, NY.