VERNON, N.J. — OneKey LLC has acquired several parcels on Theta Drive in Vernon, approximately 50 miles northwest of New York City, with plans to build an active adult community on the site.
NAI James E. Hanson’s Dominic Fittizzi represented the buyer in the transaction. The seller, Theta 456 Associates, originally planned to implement another use on the site, but let its approvals lapse during the COVID-19 pandemic.
OneKey plans to construct and retain the building while managing the property as part of its portfolio. Construction is slated to begin in early 2023 with an estimated completion in the fourth quarter of 2023.
“There is a growing demand for seniors housing across the state of New Jersey, especially within westerly markets that are currently underserved,” says Fittizzi. “In this case, the buyer’s experience in the development and management of low- and mid-rise construction places them in a strong position to serve the market’s needs.”