4B — May 29 - June 11, 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
125 class A units situated within historic Raritan Bay Region Gebroe-Hammer brokers $43+M sale of Bayside Cove Apartments in Central Jersey S
most historic coastal regions that is currently undergoing a rebirth,” said Tragash, who noted the buyer plans to lever - age the nautical locale. “Be- cause 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.” In total, Bayside Cove fea- tures a mix of 20 apartment flats with four different 1BR/1 Bath (665 s/f ) and 2BR/2 Bath (1,280 s/f ) floorplans as well as 106 townhomes with 2BR/2.5 Bath and 2BR/3 Bath layouts
ranging from 1,200 s/f to 1,430 s/f . Lifestyle amenities and conveniences include high-end finishes, attached garages, designer kitchens and baths, vaulted ceilings and private patios and balconies. Strategically situated adja- cent to Raritan Bay Waterfront Park, Bayside Cove is less than two miles from the Raritan Riv- er Waterfront Beach Club Dis- trict. As the focus of a sweeping city-approved redevelopment initiative, the neighborhood is targeted for 1,838 newly constructed residential units, a restaurant, parking facilities, a public park and continuation of the Raritan Bay waterfront walkway. Another planned addition is the South Amboy Ferry Terminal, slated to of- fer waterway service to lower Manhattan. In addition to being walk- able to the municipality’s city center, Bayside Cove is a few blocks from the South Amboy Train Station and its direct ser- vice to Newark and NY Penn Station (60 minutes). South Amboy also offers connectivity to the Garden State Parkway, NJ Turnpike, U.S. Routes 1, 9 and 35 with proximity to I-287 and the Outerbridge Crossing. Middlesex County has long been a focus of multifamily living and investing due to its access to major employ - ment centers in Princeton, Piscataway/New Brunswick, Trenton, North Jersey and New York City, according to Tragash. “Because it is so close to major corporations, medical companies and colleges and universities, Middlesex County offers unrivaled transit, high- way and technology connectiv- ity – all of which are important in today’s society,” he said. Since 1975, Gebroe-Ham - mer’s brokerage activities have concentrated on all mul- tifamily types including class A, B and C high-rise and garden-apartment properties. While initially focusing on New Jersey, the Livingston, N.J.-based firm has evolved during the past 45 years to also dominate the northeast- ern Pennsylvania and New York State submarkets as well as represent client interests nationally. Widely recognized for its consistent sales perfor - mance, the firm is a 16-time CoStar Power Broker and is credited with arranging the largest portfolio sale in 2019 for the MidAtlantic Region and in New Jersey.
OUTH AMBOY, NJ — Gebroe-Hammer As- sociates has brokered the $43.45M sale of 125 class A units at Central Jersey’s Bayside Cove, a newly con- structed townhome-style rental community in South Amboy. The firm’s market specialists executive managing director Joseph Brecher and execu- tive vice presidents Greg Pine and Stephen Tragash repre - sented the unnamed seller and procured the buyer, a private investor, in the transaction. Located at 100 Celecki Dr., just minutes from the scenic Raritan Bay in the heart of
Bayside Cove
affluent Middlesex County, Bayside Cove is one of the area’s highest-identity resi- dential properties. The com - munity, which was built in 2018, features luxury-rental appointments surrounded by excellent community ameni-
ties – all within a short walk or drive to an array of mass transit connections via bus, rail and waterway. “Bayside Cove posed a rare new-development, transit- village investment opportu - nity along one of New Jersey’s
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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