Atlantic City has been one of the most challenging places for real estate developers to gain a foothold. Now, one New Jersey-based real estate developer is making waves by opening the first market-rate apartment in a quarter of a century.
Boraie Development LLC has broken ground on what will be known as The Beach at South Inlet. This over $80 million dollar project is no ordinary apartment development. With modern amenities such as a community gym and pool as well as a well-appointed lounge for the residents, this new development will bring a new level of modern and upscale living in the area.
Atlantic City is currently home to about 38,000 residents and the 250-unit apartment development is expected to draw interest from the professional demographic within the city. As non-gaming developments go, The Beach at South Inlet will be one of the highest profile projects to rise in the city.
Another appeal of the new development is the fact that 60% of the residential units in Atlantic City are over 40 years old. As the newest development in the city, Boraie’s apartment project should attract residents willing to pay a premium to live in a new building.
The development is also a part of the turnaround happening in Atlantic City. With the closing of some of the city’s biggest casino resorts, The Beach at South Inlet will offer some optimism as well as a jolt to the city’s economic development. For more details visit Bloomberg.
According to NY Times, Boraie Development LLC is one of the leaders in the urban real estate development market in New Jersey. With large-scale projects in cities such as Newark and New Brunswick, Sam Boraie has been instrumental in the economic turnaround of several New Jerse metro areas. Projects developed by Boraie include The Aspire in New Brunswick, One Rector Street in Newark, and The Estates at Waverly Place.
In addition to their development division, Boraie Development LLC also operates a property management division that serves each of their developments in maintenance, administration, accounting, marketing, leasing and residence services. This ensures that each Boraie development maintains a high level of service and quality for its residents.
Finally, Boraie operates an urban investment strategy which helps develop or acquire properties to fill the growing demands of diverse urban centers. From financial restructuring to master planning, Boraie has helped bring retail, residential, and student housing to areas overlooked by other developers. You can search on Yahoo to see more.