A major luxury apartment project in Middlesex County has just secured $162 million in funding, signaling strong investment in New Jersey’s growing residential market.
The Raye by Vermella, developed by Russo Development LLC, will rise along the side of Route 1 in New Brunswick. The luxury NJ apartment complex features two five-story buildings with 534 units, including studios and one-, two- and three-bedroom units.
Residents will have access to a private shuttle service, connecting to the New Brunswick Train Station. This train can be taken directly to New York Penn Station, making the apartment complex an attractive destination for New York and Rutgers commuters alike.
Phase I, with 272 units, is currently 65% leased, with full occupancy expected to come in late 2025. Phase II will add 262 units, with stabilization anticipated by the third quarter of 2027.
Amenities include a full concierge service, a pool courtyard with grilling areas, pizza ovens and fire pits, a fitness center, clubroom, game room with bar, multiple podcast rooms, children’s play and movie rooms and even a pet spa. Units feature new stainless steel appliances, hardwood floors, in-unit washers and dryers, walk-in closets, nine-foot ceilings and smart lock systems. Select units include patios and balconies.
The project financially benefits from a 30-year Payment in Lieu of Taxes program. The development is positioned in the heart of New Brunswick, a transit-friendly hub with cultural attractions, dining, and easy access to Manhattan, Rutgers University and major highways.
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