FORKED RIVER, NJ / ACCESSWIRE / June 20, 2019 / Dream Homes & Development Corporation (OTC PINK: DREM), a licensed new home builder and general contractor in New Jersey, is proud to announce that it has recently completed an assemblage of three parcels in Clayton, NJ which are being approved for 120 apartments. This property was put into contract last year, and was originally slated for 108 units, which were to be spread over 6 buildings of 18 apartments per building.
The property is currently called Fairview Development, although it will probably be renamed as Dream Homes at Clayton. Through the acquisition of an additional parcel, which provides for a secondary egress, the site geometry and design was able to be maximized and made more efficient, with the building count being reduced to five, and the unit count per building being increased to 24.
The planned 120 unit apartment complex is located in a redevelopment zone in Clayton, and has recently been certified by the town committee and engineer for the intended use as a rental complex. It is anticipated that full approvals will be obtained by early 2020 and construction will begin shortly thereafter.
Dream Homes CEO Mr. Vincent Simonelli stated, “We’ve been working on this development for a while and it’s exciting to see it finally coming to fruition. We look forward to building this project and holding it as an integral part of our asset base.” Mr. Simonelli added, “Both the income as well as the tax advantages are extremely appealing to Dream Homes, and will nicely complement our construction operations.”
The property is located just four miles south of Rowan University, which is a rapidly growing university located in Gloucester County, NJ. The school, which has an attendance of 25,000 undergraduates, has been experiencing a severe housing shortage for the last several years. Though the occupancy for Fairview is not being limited to student housing, the demand for rentals far exceeds the local supply and consequently the property will most probably be completely rented to students or professors from Rowan University.
Dream intends to develop and operate the property, which is projected to have a net operating income of in excess of $2,600,000. The company’s cost basis in the property once fully improved and constructed will be approximately $16,000,000, and will be valued at over $21,000,000 with a capitalization rate of 12.
About Dream Homes & Development Corp.
Dream Homes & Development Corp. (OTCQB: DREM) is a full-service construction company based in Forked River, New Jersey equipped to complete all aspects of a building project including design, architectural, engineering, and construction. As licensed new home builders and general contractors, Dream Homes is actively building, raising, renovating and reconstructing homes up and down the New Jersey shore area. Please visit our website at www.dreamhomesltd.com and blog at http://blog.dreamhomesltd.com for more information.
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Dream Homes & Development Corp.
Vincent Simonelli, President & CEO
Office: (609) 693-8881
SOURCE: Dream Homes & Development Corporation
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