Randolph, N.J., – CrownPoint Group Inc. (CrownPoint) has acquired a +14.5-acre development site for an undisclosed price that is fully approved for multifamily development in the Morris County, N.J. township of Randolph. Located at the intersection of West Hanover Avenue and Sussex Turnpike, development plans for Liberty Village call for 125 upscale single- and multi-floor apartment and townhome units in the municipality’s Mount Freedom section.
“In a submarket characterized by overwhelming demand for – and a shortfall in supply of – luxury-rental options, Liberty Village will have tremendous appeal among a diverse tenant demographic, from young professionals and executives with families to well-educated empty nesters,” said CrownPoint’s Vice President Michael Legacki, who noted a new residential development of this scale has been lacking in the township for decades.
“Randolph is that high-barrier-to-entry, central Morris County location that offers an active suburban lifestyle,” he added. “It also connects to the greater New York Metro’s employment hubs and lifestyle amenities, from New York City and Morristown to all of North Jersey.”
Construction of Liberty Village will begin in Q3 2024 and will be CrownPoint’s largest project to date. Under the approved site plans, there will be a total of 11 residential buildings housing a mix of two- and three-bedroom units, the majority of which will offer three-story townhouse layouts. These include 100 market-rate and 25 COAH-designated units.
In addition to open-concept, amenity-rich floorplans with designer elements, the community focal point is an architecturally distinct clubhouse with several high-end community spaces. Among these are a state-of-the-art fitness center and golf simulator. The pet-friendly community also has a dog park and direct-access garage parking on the majority of units.
“This is an extremely rare development opportunity to build a sought-after townhouse rental project in one of Morris County’s premier towns,” said Don Rasmusson, Jr., CrownPoint’s director of development. “CrownPoint is favorably positioned to streamline delivery of these high-caliber townhome rentals within approximately 12-14 months of the construction start.”
A high-population-density suburb of New York City, Randolph borders the Morris County municipalities of Mine Hill, Dover, Rockaway Township, Mendham Township, Denville, Morris Township, Chester Township and Roxbury. Ranked as a best place to live by Money Magazine, Randolph is within minutes of the NJ Transit Dover and Morristown Stations. Access to major highways include Route 10, Route 46 and Interstates 287 and 80.
Boasting a highly rated “A” public school district, Randolph has a vast landscape of green open spaces with parks and trails, farmer’s markets and swimming venues at the local beach or lake. Bisected by Route 10 and Sussex Turnpike, these corridors have several prominent national retailers and dining establishments, including restaurant chains and locally owned eateries.
The nearby walkable downtowns of Morristown and Denville also have an array of local, regional and national retail, dining and entertainment options. In addition, Rockaway Townsquare Mall, the area’s super-regional shopping mall, features anchor retailers Macy’s and JC Penney as well as 140+ other retailers.
Since its inception in 2013, Parsippany, N.J.-based CrownPoint Group’s investment and development team has sourced, entitled and developed over 450 apartment units and 240,000 SF of self-storage space with an aggregate value of $250MM.