Highlighting the sustained, intense demand for commuter-friendly rental housing across New Jersey, SKG Capital on Monday announced that its transit-oriented multifamily community, SKG Living at River Park, has maintained an occupancy rate of over 95 percent as the firm marks its one-year anniversary of ownership.
The 36-unit property, located in Union, aligns with the broader performance of SKG Capital’s statewide portfolio and mirrors a macroeconomic resurgence in the Garden State’s multifamily real estate sector.
SKG Capital acquired the modern asset in June 2025 for $15 million during a massive rebound for New Jersey multifamily real estate. According to data from a recent Cushman & Wakefield report, the state’s multifamily market experienced a dramatic turnaround, with sales volume soaring to $2.3 billion—a staggering 136.2% year-over-year increase.
This wave of investor capital returned to the market on the heels of a record-setting statewide occupancy rate of 94.1%, fueled heavily by renters prioritizing well-located, transit-centric communities.
Built in 2022, SKG Living at River Park features 36 residential units alongside roughly 1,650 square feet of ancillary retail space. The asset is designed around a “live-work-play” model to attract modern professionals, offering amenities such as:
- A 24/7 fitness center
- A resident community lounge
- A rooftop deck
- A park-side location directly adjacent to the Union Train Station and Kean University
“SKG Living at River Park reflects the type of asset investors and tenants desire: modern, well-located housing in a high-demand New Jersey submarket with strong commuter access,” Sanjay Garg, founder and managing principal of SKG Capital said. “After one year of ownership, we’re pleased with the property’s performance and remain committed to delivering a high-quality living experience for residents while creating long-term value.”
The sustained 95% occupancy rate reinforces SKG Capital’s core investment thesis. As New Jersey commuters place an increasing premium on direct rail connectivity to major regional employment centers and the New York City metropolitan area, the firm plans to double down on its current strategy.
Moving forward, SKG Capital will continue to target properties that pair seamless transit access with strong neighborhood amenities, leveraging their vertically integrated platform to drive operational excellence and long-term asset value.
