Real Estate Journal — Central New Jersey — August 9 - 22, 2019 — 5B
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Class A 55+ property is centrally situated in affluent Middlesex County Gebroe-Hammer Associates arranges $23m multi-family sale ofWatersideVillas inCentral Jersey
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also represents client interests in the North Jersey/South Jersey Metros, where he has been involved in numerous prominent Q1 and Q2 trades. Since 1975, Gebroe-Ham- mer’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 PA and New York State submar- kets as well as represent client interests nationally.
units. On-site conveniences range from a fitness center and ample parking to dry cleaning and housekeeping services. In addition to the Waterside Villas sale, Zweibel recently ar- ranged three separate Central Jersey transactions. These in- clude 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). In addition, Zweibel
ONROE TWP . , NJ — Within one of Middlesex County’s
highest income-growth neigh- borhoods, 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 Mon- roe Twp. The transaction was arranged by Adam Zweibel , senior vice president, who ex- clusively represented the seller and procured the buyer, Sela Properties. “The buyer was drawn to Waterside Villas’ prominence and the vibrant neighbor- hood’s highly educated 55+ age demographic as well as a nice mix of other age groups, which render it extremely retiree and family friendly,” said Zweibel, who represented the seller in acquiring the property just two years ago and noted 80% of the age 35+ population is over the age of 55 market-wide. “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 high- est 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 submar- kets where little-to-no new construction of multi-family product is planned despite the metro’s low vacancy rates. “The region is experiencing height- ened tenant demand, which is expected to continue as empty nesters downsize and opt to sell long-time homes with some of the highest real estate taxes in the nation that are no longer fully deductible in the current tax environment,” added Zwei- bel, the firm’s Central Jersey market specialist. Offering a total of 31 dif- ferent open floorplan options, ranging from 700 s/f to 1,160 s/f, Waterside Villas features an array of high-end apart- ment-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
Waterside Villas
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