Montville, N.J. (November 10, 2021) – Diversified Properties announces its Founder and Managing Partner, Nicholas Minoia, has been named to the GlobeSt. Real Estate Forum Influencers in Multifamily list.
Selected annually, the GlobeSt. Real Estate Forum Influencers in Multifamily list recognizes the individuals, teams, and companies who have guided the multifamily real estate sector over the last year and those who will continue to shape it as the industry undergoes significant changes stemming from the COVID-19 pandemic.
Founding Diversified Properties in 2000, Minoia has led the firm in its development of real estate valued at more than $1.5-billion and today boasts a portfolio valued at more than $500 million. Under Minoia’s leadership, the company has become one of the region’s most experienced and trusted commercial/residential real estate builders and owners with expertise across all asset classes and markets.
A key piece of Diversified Properties’ success is its deep history in developing and managing multifamily communities throughout N.J., N.Y., Pa., Md. and Conn. Over the firm’s two-plus decades of experience, it has developed over 10,000 units and manages a development pipeline spanning 4,000 residential units across 10 diverse communities. The company’s multifamily success is powered by an unmatched ability to recognize nontraditional geographic and demographic opportunities that are currently underserved by multifamily housing. Paired with a deep understanding of the construction and building process, it has been uniquely suited to navigate the complex multifamily market as it creates dynamic communities across the region.
“I founded Diversified Properties with a simple mission in mind – to build a full-service real estate development company capable of executing the most difficult and challenging ventures,” said Minoia. “This recognition highlights our continued success in achieving that goal and our unparalleled ability to bring in-demand communities to life regardless of complexity. I am honored and humbled by this recognition and look forward to continuing to grow the company as we execute our visionary multifamily pipeline across the northeast.”
Exemplifying Minoia’s understanding of development in untapped markets was the company’s vision to bring over 700 units of multifamily housing to life in Orange County, N.Y. nearby Stewart International Airport. Largely untouched by multifamily development over its recent history, Minoia and his team’s analysis of the market determined that the lack of new product for several decades coupled with the steady migration out of more densely populated urban areas and the ongoing expansion of the industrial base in and around the airport presented ideal conditions for long-term multifamily demand. Working closely with local officials, Minoia was able to capitalize on the underlying market conditions to obtain approvals for four separate multifamily communities with enhanced amenities not seen in the area for decades. Minoia’s bet on the market proved successful as these communities have reached and maintained above average occupancies and consistent rent increases even in the face of the recent pandemic.
Coupled with the firm’s expertise in identifying untapped markets, Minoia and his team at Diversified Properties boast unparalleled skill in identifying distressed and challenging redevelopment opportunities. The recent success at 480 Flatz, a boutique 35-unit luxury multifamily building in East Rutherford, N.J., is emblematic of the firm’s approach to successfully bringing challenging and complex value-add properties to market. Originally, the site was a vacant, half-acre bank-owned foreclosure with little hope of future development. Diversified Properties’ unparalleled experience in revitalizing distressed assets paired with the executive team’s creativity, ingenuity and problem-solving abilities provided the tools necessary to successfully envision a value-add community at the well-located site. Completed Q2 2021, the building celebrated full occupancy just months later and was sold in the third quarter to mark the latest multifamily success story for Diversified Properties.
In addition to the Orange County, N.Y. and 480 Flatz properties, Diversified Properties boasts a growing portfolio of tri-state area multifamily communities including the recently completed 30 Court, a 58-unit ultra-luxury multifamily building in Morristown, N.J., as well as Summit Lane, a 188-unit luxury apartment community in Newburgh, N.Y., Summit Terrace, a 270-unit luxury apartment community in New Windsor, N.Y. and Summit Court in Union, N.J. where the first phase of 130 units is completed and stabilized and the final phase of 266 units is currently under construction.