Cypress Equity Investments, Winter Properties JV breaks ground on NJ apartment community
This post was originally published on 8/15/2022 on irei.com
Cypress Equity Investments (CEI), a national multifamily developer, announced the groundbreaking of Avenue G, a 354-residence apartment complex in Bayonne, N.J. Located in a rapidly growing community on New Jersey’s Gold Coast, the new development is adjacent to the recently completed 180-residence Edge apartment community, also developed by CEI.
Avenue G represents the first groundbreaking resulting from CEI’s recent joint venture with New York-based Winter Properties. Designed by local architect Minno & Wasko Architects and Planners, Avenue G is located at 101-143 East 22nd Street, Bayonne, N.J., and delivers high-design apartments within minutes of the Hudson-Bergen 22nd Street Light Rail Station.
“As we looked for opportunities in the greater New York/New Jersey region, Bayonne stood out as an optimal blend of a quiet suburban lifestyle with easy access to the high-energy urban centers of Jersey City and Manhattan,” said Alla Sorochinsky, CFO of CEI. “Further, the enthusiastic response we’ve received to Edge led us to capitalize on the opportunity to develop this larger apartment community next door.”
Avenue G is a transit-oriented development and will feature sustainable elements throughout, including high-efficiency glass and insulation, EV car-charging stations, central-ducted HVAC, and smart-access controls. Together with Edge, Avenue G puts residents steps away from Hudson-Bergen’s 22nd Street Light Rail Station and the popular Bayonne Crossing shopping mall.
The apartments’ high-end features will include gourmet kitchens with quartz countertops, contemporary tile backsplashes, and stainless-steel appliances. Additional conveniences include en-suite bathrooms, in-unit washers and dryers and expansive walk-in closets.
Residents also will enjoy a full suite of resort-style amenities, including a full-service fitness center, two private courtyards with lounge seating, fire pits, outdoor barbeques and a multipurpose club room with adjacent outdoor entertainment spaces. For the growing number of residents working remotely, Avenue G will provide communal co-working areas and private offices with Wi-Fi to put an emphasis on working from home.
“We launched our joint venture with CEI last year with a vision to deliver innovative and sustainable multifamily housing to cities across the U.S.,” said Rick H. Singer, president at Winter Properties. “Avenue G is an incredible first step for this partnership, and we’re excited to enter an urban market with such great potential for growth.”
The full Avenue G project team includes developer CEI, architect Minno & Wasko, landscape architect Dynamic Engineering, and general contractor ARC Building Partners. With a roughly 24-month construction timeline, completion is expected in the second half of 2024.