BY LINDA MOSS COSTAR NEWS
RMS Cos., based in Stamford, paid $6 million for the 6.4-acre former Schaefer Salt Factory site at 1255 Magie Ave. in Union, New Jersey, the company said in a statement. RMS, which acquired the property from Sherwood Group Associates, broke ground on the development on Monday after closing on the deal Friday.
“We are so excited to be expanding our operations into New Jersey and look forward to transforming this underutilized site into a lifestyle community with luxurious on-site amenities,” RMS President and CEO Randy Salvatore said in a statement.
He told CoStar that RMS has extended its footprint outside the Nutmeg State, recently completing a multifamily project in on the Hudson River in Yonkers, New York. It had been looking at sites in New Jersey when it learned about the Union property, according to Salvatore.
“We try to stay where we can still bring our resources from Connecticut to execute on deals because we’re very vertical,” he said. “We do our construction management. We take it through the whole process.”
The salt factory had operated for several decades, he said, but had been closed for roughly 15 years. It had been demolished, so the land that RMS purchased was vacant, according to Salvatore. He said he expects construction of the apartment complex to take 12 months.
The multifamily project will have 51 one-bedroom, 97 two-bedroom and five three-bedroom apartments. The complex’s amenities will include an in-ground pool; a cardio and core-strengthening fitness center, an on-demand yoga and spin studio; a fireside entertainment lounge; a meditation room with a Himalayan salt wall; a children’s playroom; a multisport golf simulator; a game room; and private coworking spaces.
The project’s architect is Lessard Design, an international architecture and planning firm.
RMS, a privately owned company, manages all construction, property management, sales, leasing and marketing in house, and it is currently developing over 1,500 apartment units throughout Connecticut in downtown areas of New Haven and Hartford. The company will open a new 94-room luxury boutique hotel in Stamford this summer.
The former factory site is located in a residential neighborhood with access to regional transportation through the Garden State Parkway and NJ Transit stations in Union and Roselle Park, according to a statement from broker CBRE, which handled the transaction.
“The suburban location is the right place for new residential development as demographic trends show increasing interest from renters in places like Union that offer convenient access to employers throughout the region, while also providing a high quality of life in a suburban setting,” CBRE Vice Chairman Jeff Dunne said in a statement.
The project is well timed, because in the Garden State there is more demand from renters for “for high-quality apartments in less dense locations,” CBRE Senior Vice President Gene Pride said in a statement.
For the Record
In addition to Dunne and Pride, the CBRE team of Jeremy Neuer, Eric Apfel and Zach McHale, along with colleagues Nat Gambuzza and Trevor Fiebel, represented the owner, Sherwood, while also procuring the buyer, RMS.
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