Woods Partners Opens New Jersey Office in Summit

On Jun 10, 2015

Wood Partners, a multifamily investment firms, has opened an office in Summit and is actively pursuing sites permitting the construction of multifamily housing ranging from 150 to more than 500 homes.

Wood Partners’ vice president of development Peter B. Lijoi, an attorney and 32-year Summit resident, is spearheading the New Jersey office. Throughout his career, Lijoi has worked with national public and private homebuilders as well as state and local governments. He is a member of the New Jersey and New York Bar and is on the Union County Board of Taxation. Before he joined Wood Partners, Lijoi worked with the New Jersey Urban Enterprise Zone Authority and Fairfield Residential Co., LLC.

“Wood Partners is a top-flight national housing developer, and this is an excellent opportunity for me to help the firm expand into the New Jersey metro market,” Lijoi said.

According to Lijoi, the goal of the New Jersey office is to develop a pipeline of residential multifamily communities, including stylish garden apartments, urban projects and high-quality transit-oriented housing communities. Wood Partners is currently working on high-rise and midrise opportunities along the Hudson River waterfront and transit-oriented developments in northern New Jersey counties.

Northern New Jersey (including Hudson, Morris, Essex, Union and Bergen counties) is a high barrier-to-entry market, with limited new inventory for apartment developers. This is why new apartment communities, located along transit routes that serve New York City and strong employment centers such as Morris County, command competitive rents and strong value propositions.

“New Jersey’s regional position in the New York Metropolitan Area and regional economics make it a critical apartment market for Wood Partners,” said Rick Dickason, director of Wood Partners’ Northeast region. “Skyrocketing land prices and rent growth in Manhattan make the Hudson River waterfront a desirable alternative”

Related Articles: