A two-building seniors housing community in Sayreville, New Jersey, has traded for $28 million.
AMS Acquisitions LLC, a New York City-based investment firm, sold the 136-unit Gillette Towers located at 100 Kennedy Drive to A&RW Properties LLC, and its affiliates JYW Holdings LLC and Nadlan Capital Inc.
AMS purchased the property in May of 2019 for $13 million from Gillette, a New Jersey-based development firm. The northern New Jersey property sits across Raritan Bay from Staten Island near Riverton, one of the largest redevelopment projects in New Jersey.
When AMS purchased the property, the 80-unit building at 100 Kennedy Drive, was completed with one-bedroom floor plans reserved for persons age 55 or older. It is now fully leased.
Shortly after buying the site, AMS broke ground in the summer of 2019 and constructed the second building at 110 Kennedy Drive, a 56-unit building where amenities include a library/media room, outdoor gazebos and bocce and shuffleboard courts and rents range from $1,400 to $1,550 per month. The second building is near completion.
“Many New York City developers have moved their business to Florida, Texas, and other regions,” said AMS principal Michael Mitnick. “We have continued to invest in the NY Metro area, developing projects in suburban counties of New York and New Jersey.”
AMS principal, Avi Abadie added, “With the purchase of Gillette Towers, AMS saw a great opportunity to enter the 55+ senior housing space, which we believe will continue to be a robust market into the future”.
“JYW Holdings is looking to acquire multifamily properties in strong demographic areas, and Gillette Towers certainly meets that criteria,” said Jason Weiss of JYW Holdings LLC.
“We are very excited to add this asset to our portfolio and manage it with the same care and attention to detail as our other properties,” said Naftali Weiss of Nadlan Capital Inc.
The buyer closed with its own equity and a bridge loan from lender MF1 Capital LLC, represented by brokers David Eisen and Meir Kessner of Sevenstone Capital
North American Properties and Prudential Global Investment Management have been granted approval to build Riverton on 418 acres near the Driscoll Bridge in Sayerville.
The waterfront community will soon become one of the largest redevelopment projects in New Jersey history. Known simply as Riverton, the multi-phase development will occupy 418 acres near the Driscoll Bridge along the Raritan River.
The complex will include 1.5 million square feet of retail, two million square feet of office space, a hotel, a conference center, restaurants, a movie theater, and up to 2,000 apartment units, including a percentage reserved for affordable housing.