May 20, 2019
New York City-based AMS Acquisitions LLC has purchased Gillette Towers, a two-building senior housing community in Sayreville, NJ, for $13 million. The seller was Gillette, a New Jersey development firm.
The project’s first 80-unit building at 100 Kennedy Dr. recently completed construction, and is now being leased. AMS, with a tri-state portfolio of more than two million square feet, plans to break ground on the second 56-unit building later this spring.
AMS closed on the deal with equity and a bridge loan from Castellan Real Estate Partners.
Redwood Advisors’ Jeremy Wernick represented both AMS and Gillette in the sale.
“Sayreville has been a historically safe area, with easy access to major highways, great shopping and retail,” said AMS’ Ari Mitnick. “Senior living communities for those 55 and up are in high demand in this greater area of Jersey.”
100 Kennedy is also located near the anticipated $2.5-billion Riverton redevelopment project.
The Connect Apartments Conference will take place June 20, 2019 in Los Angeles. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny