26A — June 28 - July 11, 2019 — M id A tlantic
Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
ONROE , NJ – SELA Realty In- vestments , the Fort Adam Zweibel from Gebroe Hammer represent both the sellers and buyers SELA Realty acquires Waterside Villas for $23 million in Monroe, New Jersey M
Le e ba s e d investments and property management company had announc ed today its re- cent acquisi- tion – Wa- terside Villas – A 100 unit class A property located in Monroe. Waterside Villas is a 2009 classic-architecture build- ing within the sought-after Tal Steinberg
Waterside Villas
Concordia neighborhood, which ranks highest in terms of income growth among all constituent neighborhoods in Monroe Township over the past five years. This senior- rental community is one of the region’s premier high- identity properties within one of the best performing senior-apartment-rental sub- markets in the state. The purchase price was reported at $23 million with 100% occupancy at time of acquisition. Tal Steinberg managing partner for SELA Realty Investments said: “We are very proud to add this magnificent property to our portfolio! It’s our 3rd 55+ community in NJ which offers very stable and good quality tenancy base, along with low turnover. This acquisition also pushes us to a new mile- stone of 1000 units! The property enjoys a very high occupancy levels these past few years. It was built as an assisted living in 2009 with all top-notch amenities such as gym, library, com- mercial kitchen, lots of open spaces, outdoor seating areas, dining room, business center, storage facility and many more. We are planning to add more activities for the resi- dents and keep the strong de- mand for this building along with rent increases and an addition of solar energy plan which due to the building running mainly on electric should bring a huge upside to the property” AdamZwei- bel from Gebroe Hammer represented both the sellers and buyers. “Adam brought this deal to my attention and did an amazing job pushing this deal and overcome ob- stacles along the way” said Steinberg.
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