The first phase of the sale of Russo Development’s Bridgeview, a 136-unit luxury townhome development in Kearny, is now completed — thanks to the work of JLL Capital Markets which facilitated the sale to PulteGroup.
Bridgeview by Pulte Homes, is situated at 55 Passaic Ave., offering future residents views of the Passaic River. The development which is fully approved for 136 market-rate townhomes will have flexibility in design and amenities. Adjacent to the property, a seven-acre community park is currently under construction, providing residents with abundant outdoor space.
Located in Hudson County, Bridgeview will offer convenient access to New York City and Newark and is within walking distance of various retail options and borders Russo’s recently completed Vermella East & West developments, both of which have achieved strong lease-up performance.
JLL’s investment sales and advisory team representing the seller was led by Senior Managing Director Jose Cruz and Senior Director Ryan Robertson along with Senior Managing Directors Steve Simonelli and Michael Oliver and Directors Elizabeth DeVesty and Austin Pierce.
“Bridgeview by Pulte Homes presents a unique opportunity in the thriving Hudson County multi-housing market,” Cruz said. “With its prime waterfront location and proximity to major employment centers, this development is well-positioned to capitalize on the growing demand for high-quality housing in the area.”
“We were honored to have played a role in the sale of the property to PulteGroup, who was able to work with Russo on a unique business plan to acquire shovel ready lots to expedite the projects construction timeline,” Robertson added.
The development is expected to benefit from Kearny’s ongoing economic growth and its increasing attractiveness to prospective home buyers.
