A rendering of the 93-unit The Ashton in Jersey City, NJ. A rendering of the 93-unit TheAshton in Jersey City, NJ.

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MORRISTOWN, NJ—Locally-based Normandy Real Estate Partners report itsNormandy Opportunity Zone Fund, L.P. has closed on multifamilydevelopments currently under construction in Jersey City andHackensack.

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Normandy reports that it has raised more than $100 million incommitments to date, and capital raising will continue through 2020for the Opportunity Zone Fund that has a target of$250 million in commitments. Both newly acquired properties arecurrently under construction and expected to deliver in early2020.

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"These initial transactions mark the end of a successful yearfollowing the launch of the Normandy Opportunity Zone Fund," saysJeff Gronning, founder and partner, Normandy Real Estate Partnersand portfolio manager of Normandy Opportunity Zone Fund, LP. "Bothdevelopments will play major roles in attracting new residents tourban areas undergoing major revitalization stages, withsubstantial support from local municipalities."

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The Normandy OZ fund acquired The Ashton, a 93-unit multi-familyresidential building in the Bergen-Lafayette section of JerseyCity. Located at 2-16 Ash St., The Ashton features one- andtwo-bedroom units that will be centered in a growing neighborhoodthat is expected to deliver more than 1,000 units within the next24 months.

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The project was granted a 20-year PILOT in connection with itsapprovals. The property is three blocks from NJ Transit'sBergen-Hudson Light Rail, which provides direct access to Manhattanvia the PATH at Exchange Place.

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Normandy also closed on an 82-unit multi-family residentialbuilding under construction in Downtown Hackensack. Located at thecorner of Main and Ward streets, the building is one block from theAnderson Street bus station. Normandy is partnering with HampshireCompanies on the project, which was granted a 15-year PILOT inconnection with the development.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.