Commercial and industrial builders turn to multifamily to diversify holdings and improve profits

As it approached its fifth decade, the Carlstadt-based company turned to multifamily — acquiring a 9-acre industrial parcel in nearby Lyndhurst in 2008 that it would take through the painstaking, sometimes-complex process of redevelopment.

That site today is home to 150 luxury apartments and a swanky clubhouse, plus another 150 units that will open in the coming months. And the firm now owns a half-dozen other pieces of land slated for multifamily projects in North Jersey, with more than a thousand units in its pipeline.

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