Monroe Township/Middlesex County, N.J., July 24, 2019 – Within one of Middlesex County’s highest income-growth neighborhoods, Gebroe-Hammer Associates has arranged the $23 million sale of 100 Class-A apartment-home units at Waterside Villas, an upscale 55+ community located at 1 Overlook Dr., in historic Monroe Township, N.J. The firm exclusively represented the seller and procured the buyer, Sela Properties.
According to the firm’s market specialists, the buyer was drawn to Waterside Villas’ prominence and the vibrant neighborhood’s highly educated 55+ age demographic as well as a nice mix of other age groups, which render it extremely retiree and family friendly. In addition to its new classic-architecture design, Waterside Villas posed a rare investment opportunity within the sought-after Concordia neighborhood – a standout for ranking highest in terms of income growth among all Monroe Township constituent neighborhoods over the past five years.
Built in 2009, the three-story elevator building is nestled within affluent southeastern Middlesex County, the second largest of nine geographic Central New Jersey submarkets where little-to-no new construction of multi-family product is planned despite the metro’s low vacancy rates.
Offering a total of 31 different open floorplan options, ranging from 700 SF to 1,160 SF, Waterside Villas features an array of high-end apartment-home amenities. These include condominium-style kitchen and bath finishes, abundant natural lighting, air conditioning and full-size washers and dryers. Dens, patios/balconies and waterside views are available in select units. On-site conveniences range from a fitness center and ample parking to dry cleaning and housekeeping services, a covered outdoor patio and a BBQ area.
In addition to the Waterside Villas sale, the firm recently arranged three separate Central Jersey transactions. These include the $6.96 million sale of 44 units at Highland Gardens in Highland Park (Middlesex County); 13 apartment-rental units sold for $5.25 million in Monmouth County; and the $4.4 million sale of 38 acres in the heart of Jackson (Ocean County).
Since 1975, Gebroe-Hammer’s brokerage activities have concentrated on all multi-family types including Class A, B and C high-rise and garden-apartment properties. While initially focusing on New Jersey, the firm has evolved during the past 44 years to also dominate the northeastern Pennsylvania and New York State submarkets as well as represent client interests nationally. Widely recognized for its consistent sales performance, the firm is a 15-time CoStar Power Broker and was the only Northeast firm named a Multi-Family Influencer for 2018.