JV of Denholtz, Redwood Real Estate Moves Ahead on Bound Brook Apartments
A joint venture between Denholtz Properties and Redwood Real Estate Group is moving ahead with the $50-million construction of a 143-unit, Class A transit-oriented multifamily development in Bound Brook, NJ. Buckingham Advisors placed $18 million of equity from a combination of Skydeck Capital, a private investment firm based in Chicago which served as the lead investor, and RevOZ, led by Alex Bhathal the co-owner of the Sacramento Kings NBA Franchise.
“Skydeck Capital is excited to partner with the sponsorship in delivering innovative housing solutions to downtown Bound Brook, NJ,” said Evan Wood, Principal with Skydeck Capital.
The site benefits from a 25-year PILOT Program and its location in a Qualified Opportunity Zone. “Aside from the significant tax benefits, this is a long-term play on the upside of these submarkets, which we feel are in the second inning of growth,” said Simon Goldstein, principal of Buckingham Advisors.
- ◦Development
- ◦Financing