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Deals & Dealmakers

NJ rental property trades for $43M

Woodmont Properties has sold a newly constructed apartment property in Jersey’s Bayside Cove neighborhood for $43.5 million.

Gebroe-Hammer Associates announced the sale the 125-unit townhome-style rental community at 100 Celecki Drive in South Amboy, N.J.

The firm’s market specialists Joseph Brecher Greg Pine and Stephen Tragash represented the seller and procured the buyer, an un-named private investor.

Located minutes from the Raritan Bay in Middlesex County, Bayside Cove is one of the area’s highest-identity residential properties. The community, which was built in 2018, features luxury-rental appointments and community amenities all within a short distance of mass transit connections.

 “Bayside Cove posed a rare new-development, transit-village investment opportunity along one of New Jersey’s most historic coastal regions that is currently undergoing a rebirth,” said Tragash.

“Because of Middlesex County’s demographic cohort and long-term greater-metro stability, the area’s renter-by-choice executive-level population base is expected to remain fairly stabilized.”

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