Class-A multifamily ground-up development on 14 acres in Lebanon Borough, NJ — fully entitled with construction commencing August 2026.
Nexus Lofts is a Class-A multifamily ground-up development in Lebanon Borough, New Jersey. The 14-acre fully entitled site is positioned in one of Hunterdon County's fastest-growing residential corridors — offering exceptional access to the Route 78 interchange, proximity to Clinton's vibrant village center, and growing demand from remote and hybrid workers seeking quality suburban communities with good highway connectivity.
Lebanon Borough is situated within the Lebanon Township/Clinton area of Hunterdon County — a region experiencing strong demographic growth driven by households relocating from higher-cost Essex and Union County markets. Hunterdon County consistently ranks as one of New Jersey's wealthiest counties with median household incomes significantly above state averages, supporting premium rental rate potential.
Axria's vertically integrated model enables in-house construction delivery through Sigma Construction, targeting a 17-month construction period (August 2026 – January 2028) followed by an 8-month lease-up. Stabilized NOI of $4,850,963 is projected in Year 5 (2030), with the asset to be sold upon stabilization to an institutional buyer.
| Pro Forma Line Item | Year 3 — Dec 2028 | Year 4 — Dec 2029 | Year 5 — Dec 2030 |
|---|---|---|---|
| Effective Gross Revenue | $4,150,584 | $5,258,616 | $7,017,313 |
| Total Operating Expenses (31%) | ($1,355,990) | ($1,516,362) | ($2,166,350) |
| Net Operating Income | $2,794,594 | $3,742,253 | $4,850,963 |
Hunterdon County Demographic Strength
Hunterdon County is one of the wealthiest counties in the United States, with a median household income exceeding $120,000 and one of the lowest poverty rates in New Jersey. The Lebanon Borough area has experienced net population inflow from households relocating from Essex, Union, and Middlesex County — seeking lower density, better school systems, and preserved natural environments while maintaining commute access via Route 78.
Route 78 Corridor Access
Lebanon Borough is positioned directly along the I-78 corridor — one of New Jersey's principal east-west arteries. This enables residents to commute west to Lehigh Valley employment markets (Amazon, PPL, B. Braun) and east to Summit/Chatham, the Route 22 corridor, and Newark/New York City. The Route 78/Route 22 interchange proximity provides exceptional multi-directional accessibility.
Limited Class-A Supply
Lebanon Borough and the surrounding Hunterdon County market have very limited Class-A multifamily supply. Existing rental inventory is predominantly older workforce housing. Nexus Lofts will be the area's premier new Class-A community, commanding significant rent premiums over existing comparables and benefiting from first-mover positioning in an undersupplied luxury rental segment.
Exit Cap Rate Environment
Hunterdon County suburban multifamily assets have demonstrated strong institutional buyer interest given the demographic profile and scarcity of available product. At a stabilized NOI of $4.85M, Nexus Lofts is expected to command an exit valuation of approximately $88–107M at prevailing 4.5–5.5% cap rates, delivering substantial equity multiples to early investors.
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Junaid Ahmed — Vice President, Axria · junaidA@axria.com · +1 281 425 9981
Axria Headquarters — 399 Hoes Lane, Piscataway, NJ 08854 · +1 732 809 8000 · info@axria.com