Rockledge News & Announcements

February 28th, 2017
Press Release: Rockledge 370, LLC acquires 30 Unit Apartment Building

Rockledge is pleased to announce the acquisition of a 30-unit, garden-style apartment building located at 370 South Harrison Street in East Orange, NJ. The property was built in 1968 and comprises over 25k square feet. The unit mix consists of 24 one bedrooms, 3 studios and 3 two-bedroom apartments. Several apartments have individual patios. The property also includes two adjacent parking lots with total surface parking available for 38 vehicles.

The Property is in an excellent location, directly across the street from the Monte Irvin Orange Park and 1 mile from the entrance to Seton Hall University in South Orange, NJ. The Brick Church train station, less than 1 mile away, offers direct trains to New York City in under 30 minutes.
The majority of in-place rents are below market, and a targeted renovation and expense reduction plan is expected to yield significant value. South Harrison Street is one of the best streets in East Orange and the property is not only surrounded by high rise buildings, but is also in close proximity to several new high-end developments.

As the market continues to strengthen and more luxury product comes on line, the perception of this sub-market will strengthen and asking rents will continue to experience upward momentum at desirable properties in the best locations.

Rockledge is the owning and managing entity. ConnectOne Bank provided the senior debt financing.

May 12th, 2015
Press Release: Rockledge Clinton, LLC acquires 53 Unit Apartment Building

Rockledge is pleased to announce the acquisition of a 53-unit, 4 story elevator apartment building located at 49 South Clinton Street in East Orange, NJ. The property comprises over 56k square feet and the unit mix consists of 36 one bedroom, 14 two bedroom and 3 three bedroom apartments. On-site, surface parking is available for 25 vehicles.

The Property is in an excellent location and is a 5 minute walk to the central retail plaza/district as well as the Brick Church train station, which offers trains to New York City.

In-place rents are approximately at a 21% discount to market rents, offering a significant opportunity to increase the rent roll in the next 12-16 months. The building also offers many opportunities for expense reduction. Rockledge intends to embark on a major capital expenditure program including building a new parking lot on the adjacent property at 55 South Clinton Street, renovating the lobby and common areas, installing a new laundry room, and modernizing apartments to a high standard in order to increase rents.

Rockledge is the owning and managing entity. Meridian Capital arranged the senior debt financing through Investors Bank. Legal counsel was provided by Shaw & Associates. Environmental due diligence was performed by All Environmental & Construction.

 

March 31st, 2015
Press Release: Rockledge acquires 55 S Clinton Street development site

Rockledge is pleased to announce the acquisition of 55 S Clinton Street in East Orange, NJ. The property is currently vacant land and is adjacent to 49 S Clinton Street. Rockledge intends to build a parking lot on this site.

East Orange has experienced a significant revitalization over the past few years and this gentrification is accelerating. The city enjoys close proximity to New York City with a direct train to Penn Station. Rental rates are rising, the condo market is strengthening, new development is on the rise, and outside investment is increasing at a rapid pace.

Rockledge is the owning and development entity. Legal counsel was provided by Shaw & Associates. Environmental due diligence was performed by All Environmental & Construction.

 

March 6th, 2015
Press Release: Rockledge Harrison Park refinances 46 Unit Apartment Building

Rockledge announces that is has successfully completed the refinancing of its 46 unit, 42,000 square foot multi-family property with Santander Bank.

The apartment mix includes 24 one-bedrooms, 16 two-bedrooms and 6 three-bedrooms. The building is located on the best residential street in East Orange and is a 5 minute walk to the central retail plaza/district as well as the Brick Church train station, which offers 20-minute direct trains to New York City.

Since acquiring this building, Rockledge accomplished the following:

  • Renovated 24 apartments (52% of the entire building);
  • Increased the NOI by 49%
  • Leased-up 40 of the 44 parking spaces (91% of total available);

Other capital improvements include:

  • Created a new parking lot including installation of drainage, creation of dry wells, re-grading, resurfacing with blacktop and striping;
  • Replaced elevator controllers;
  • Installed new boiler valve and replaced 30 linear feet of piping in the boiler room to eliminate leaks and increase heating efficiency;
  • Upgraded heat timer system;
  • Made significant plumbing repairs to main lines and waste stacks;
  • Repaired the fire alarm panel and installed new pull stations on all floors;
  • Replaced over 90% of all toilets in order to reduce water/sewer expense by 48%
  • Installed a new building-wide camera system (including inside of each elevator);
  • Replaced or repaired 42 windows;
  • Installed 2 new custom fabricated roof Skylights;
  • Completed select brick pointing to weatherize the building shell;
  • Replaced sections of the external fire escape;
  • Installed outdoor custom signage with inlaid gold leaf to improve visibility and attract new tenants.

Rockledge is the owning and managing entity. Meridian Capital brokered the senior debt financing. Legal counsel was provided by Shaw & Associates.

 

December 30th, 2013
Press Release: Rockledge Ventures acquires 46 Unit Apartment Building

Rockledge is pleased to announce the acquisition of a 46-unit elevator apartment building at 94 South Harrison Street in East Orange, NJ. The property comprises over 42k square feet and the unit mix consists of 24 one bedroom, 16 two bedroom and 6 three bedroom apartments.

In-place rents are approximately at a 20% discount to market rents, offering a significant opportunity to increase the rent roll in the next 12-18 months. The building also offers significant opportunities for expense reduction, particularly related to water/sewer. Rockledge intends to embark on a major capital expenditure program including building a new parking lot, renovating the lobby and common areas, and modernizing apartments to a high standard in order to achieve market rents.

East Orange has experienced a significant revitalization over the past few years and this gentrification is accelerating. The city enjoys close proximity to New York City with a direct train to Penn Station. Rental rates are rising, the condo market is strengthening, the crime rate is down 50%, new development is on the rise, and outside investment is increasing at a rapid pace.

Located on the western side of East Orange, South Harrison Street was once a premier destination with a historic hotel and architecturally-distinct residential buildings, many dating back to the early-to-mid 20th century. The influx of new development projects and investors with a vested interest in creating a neighborhood that offers a high level of living has made South Harrison Street a sustainable redevelopment effort that will continue to strengthen in years to come.

Rockledge is the owning and managing entity. Meridian Capital and Red Oak Capital Advisors arranged the senior debt financing through Santander Bank. Legal counsel was provided by Jaspan Schlessinger. Accounting and tax advice was provided by Morrison, Brown, Argiz & Farra, LLC (MBAF). Environmental due diligence was performed by Partner Engineering & Science, LLC.

 

October 1st, 2013
Press Release: Rockledge Ventures refinances Union City Portfolio with Oritani Bank

Rockledge announces that it has successfully completed a refinancing of its 5-building portfolio in Union City, NJ. These properties are located at 1215, 1217, 1219, and 1221 Summit Avenue and 807 13th Street, and include 30 apartments and 5 ground floor retail spaces.
Over a 17 month period since acquiring the portfolio in March 2012, Rockledge accomplished the following:

  • Renovated and re-tenanted 50% of all residential units;
  • Increased NOI 22% by reducing operating expenses and significantly increasing the monthly rent roll;
  • Remediated an environmental condition involving three underground storage tanks (USTs) under the supervision of Partner Engineering & Science, Inc.
  • On March 1st, 2013, Rockledge received a No Further Action letter from the State of New Jersey Department of Environmental Protection, indicating that the environmental condition had been resolved.
  • Invested a total of $328,537 across the properties, of which approximately 45% was spent on apartment renovations and the remaining 55% was invested in building-wide capex.
  • Capex included: new roofs and roof substructure, common floor tiling and light fixtures, removal of 3 USTs and resulting sidewalk restoration, the replacement of a section of the sewer line in 1215-1217 Summit, custom fabricated steel garbage/recycling container, custom steel reinforcement beams in the basement of 1215-1217 Summit, new intercom systems and sidewalk steel fabricated doors.

The portfolio refinancing was completed with Oritani Bank on October 1st, 2013.

 

March 8th, 2012
Press Release: Rockledge Ventures acquires 5 Mixed-Use Buildings

Rockledge is pleased to announce the acquisition of 5 mixed-use buildings, encompassing 30 rental apartments and 5 retail spaces, in the City of Union City, NJ. The buildings are located at 1215, 1217, 1219, 1221 Summit Avenue and 807 13th Street.

Union City is less than 2 miles from Manhattan and is the most densely populated city in the United States with over 53,000 people per square mile. The market is characterized by a high percentage of residential rental units (81%) to total housing stock. Union City also has one of the lowest residential vacancy rates in the U.S. (2.3%), limited availability of developable land (under 3%), and rising residential and retail rents.

Rockledge is the owning and managing entity. Red Oak Capital Advisors arranged the senior debt financing through Oritani Bank. Legal counsel was provided by Marcus, Brody, Ford & Kessler LLC and Shaw & Associates. Accounting and tax advice was provided by Morrison, Brown, Argiz & Farra, LLC (MBAF). Environmental due diligence was performed by Partners Engineering & Science, LLC.

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