EAST ORANGE, NJ — PEEK Properties, a New Jersey-based urban-focused multifamily developer, owner and operator, is nearing completion of East Orange’s newest Class A apartment building at 475 William St., featuring 39 one- and two-bedroom units, according to an Aug. 27 press release. Redevelopment of the site, which previously housed a vacant building for three decades and is located within a Qualified Opportunity Zone, is contributing toward neighborhood revitalization surrounding Brick Church Station.
While 475 William St. is located within a QOZ, redevelopment commenced before the designation process was complete. In keeping with its long-term investment strategy, PEEK is involved in several nearby QOZ developments and three property-specific Qualified Opportunity Fund projects.
“This initiative marks the continuation of our strategy to develop, own and operate upscale market-rate apartment properties near major train stations throughout New Jersey’s urban-core municipalities,” PEEK managing partner Emanuel Klein said. “Our pride in ownership is rooted in exceptional design and construction — including top-quality soundproofing materials between floors and walls — to retain long-term curb appeal and property performance while also contributing toward neighborhood rebirth.”
Located at the corner of William Street and Ashland Avenue, the five-story midrise features a mix of 19 one-bedroom and 20 two-bedroom layouts with fully equipped kitchens that include dishwashers and open-concept floorplans. Each apartment unit also has an individually controlled heating/cooling HVAC system, oversized windows offering abundant light and picturesque views, in-unit washer/dryer, and luxury vinyl-tile plank flooring.
In addition, on-premises community amenities include an all-glass facade modern lobby, 39 garage and paved-surface assigned parking spaces, a fully equipped first-floor fitness center with an all-glass exterior wall, bike storage room and dedicated secure package delivery area. There also is a second-floor tenant lounge with comfortable seating, a billiards table and entertainment area with a television.
“We are extremely excited to approach the completion of our first joint-venture multifamily development project under the newly formed PEEK Properties entity and are eagerly looking forward to the lease-up process this fall,” said PEEK managing partner Phillip Evanski, who noted applications will start to be accepted in early October. Move-ins are expected to take place in October or November. More information is available at www.475WilliamSt.com.