JLL Capital Markets announces sale of prime development site in Wall, New Jersey

MORRISTOWN, N.J., Apr. 29, 2025 – JLL Capital Markets announced today that it has arranged the sale of 1452 Route 34, a 47-acre development site in Wall, New Jersey.

JLL worked on behalf of the seller, Veris Residential, in procuring the buyer, Lennar Corporation.

The site, located at 1452 Rte-34 in Wall Township, is approved for the construction of 296 stacked for-sale townhomes, including 68 affordable units. Situated just one mile from the Garden State Parkway, the property offers exceptional access to the vibrant Jersey Shore communities and is within walking distance of downtown Wall.

Wall Township boasts a strong demographic profile with an average household income of $170,072, making it one of the wealthiest townships in New Jersey. The area has seen steady population growth of 5.5% over the past decade and is projected to continue growing through 2028.

The approved site plan includes a mix of market-rate duplex townhouses and affordable tri-plex townhouses. The development will feature amenities such as private recreational facilities, a clubhouse and a swimming pool. The property's location provides residents easy access to popular attractions like the Jersey Shore Premium Outlets and nearby beaches.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Director Jose Cruz and Senior Director Ryan Robertson along with Senior Managing Directors Steve Simonelli and Michael Oliver and Directors Elizabeth DeVesty and Austin Pierce.

"This transaction highlights the continued demand for well-located residential development opportunities in affluent submarkets," said Cruz. "The site's proximity to the Jersey Shore, coupled with its approved plans for a mix of market-rate and affordable housing, made it an attractive investment for Lennar Corporation."

"The demand and ultimate pricing we saw for the site continues to highlight the competitive pricing within New Jersey’s for-sale development market,” added Robertson. “We anticipate investors will continue to aggressively pursue approved developments within the residential home building sector as demand continue to outstrip supply for the foreseeable future.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. The Company's technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents’ preferences while positively impacting the communities it serves. The Company is guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.