By Barbra Murray, Contributing Editor<\/p>\n
HornRock Properties is going through a growth spurt, and its most recent activity involves plans for development of a 270-unit apartment property in Harrison, N.J. Upon stabilization, the project will boast a value of $85 million.<\/p>\n
\u201cWe find there is a lot of value in investing in today\u2019s rental market, especially building from the ground up,\u201d Maurice Hornblass, a principal with HornRock, told Commercial Property Executive<\/i>. \u201cThe younger generation, they don\u2019t necessarily agree with the classic ideal of everybody wanting to own a home. They are more satisfied with renting, particularly in urban areas where there is a lot of action. To them, and to many others, the American Dream is no longer to own a home, it is to be able to pay your bills and not have to worry about a mortgage.\u201d<\/p>\n
The announcement of the Harrison project follows two years of active development, during which time the real estate firm increased its portfolio of rental and for-sale assets in suburban and urban locales by 400 residences. This collection of assets includes some properties that HornRock has reinvented through renovations and others that have debuted in new communities. A strategy announced in 2012 outlined the company\u2019s plan to acquire $125 million in real estate in the near future; over the two years since that announcement, HornRock\u2019s deals have far exceeded its goal.<\/p>\n
As for the success of HornRock\u2019s apartment properties, the proof is in the numbers: \u201cOur current occupancy level across our rental portfolio is about 97 percent,\u201d Hornblass noted.<\/p>\n
HornRock has every intention of continuing its acquisition and development binge\u2014because it can. \u201cWe have the funds and necessary resources to compete in the bidding process for new properties and develop both large- and small-scale projects,\u201d Hornblass noted in a press release. \u201cOur experience and results appeal to outside investors and private-equity real estate funds that are looking for investments that will yield them superior returns on their money.\u00a0 And a strong market knowledge and proven ability to solve challenging local building regulations or approval standards appeal to existing property owners looking for partnerships.\u201d<\/p>\n
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HornRock Properties is going through a growth spurt, and its most recent activity involves plans for development of a 270-unit apartment property in Harrison, N.J. <\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742,10],"tags":[],"class_list":["post-1004102369","post","type-post","status-publish","format-standard","hentry","category-development","category-latest","category-northeast"],"acf":[],"yoast_head":"\n