Normandy Real Estate closes two opportunity zone transactions

Normandy Real Estate Partners on Friday announced it closed on two multifamily, residential real estate transactions via its Normandy Opportunity Zone Fund LP. Both properties are currently under construction and expected to deliver in early 2020. Normandy also announced that it raised more than $100 million in commitments to date, and capital raising will continue through 2020 for the Opportunity Zone Fund. The transactions include The Ashton, a 93-unit multifamily residential building in the Bergen-Lafayette section of Jersey City. Located at 2-16 Ash St., The Ashton’s one- and two-bedroom units will be centered in a growing neighborhood that is expected to deliver over 1,000 units within the next 24 months. The project was granted a 20-year PILOT in connection with its approvals. The Ashton is only three blocks from New Jersey Transit’s Bergen-Hudson Light Rail, providing direct access to Manhattan via the PATH at Exchange Place.