AMS Acquisitions Buys NJ Senior Housing Property for $13M
The first 80-unit building at 100 Kennedy Drive recently completed construction and is now being leased. AMS plans to break ground on the second 56-unit building later this spring.
SAYERVILLE, NJ—New York City-based real estate investment firm AMS Acquisitions LLC has acquired a 136-unit 55-and-older senior rental apartment complex here for $13 million.
AMS acquired the two-building property that is currently under construction from New Jersey development firm Gillette, which started construction on the 86,000-square-foot age restricted housing project. The development at 100 Kennedy Drive sits on approximately five acres.
The complex is known as Gillette Towers. The first 80-unit building at 100 Kennedy Drive recently completed construction and is now being leased. AMS plans to break ground on the second 56-unit building later this spring.
The two elevator buildings will share amenities that include: gym/fitness center, library/media and community room and tenant storage in each building, along with two outdoor gazebos, two bocce ball and shuffle board courts and a dedicated leasing /management office. Outdoor parking includes 136 spaces.
The apartments, which are all one-bedroom units, range in price from $1,400 to $1,550 a month.
AMS closed on the deal with its own equity and a bridge loan from Castellan Real Estate Partners. Jeremy Wernick of Redwood Advisors of Hasbrouck Heights 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 Acquisitions Director Ari Mitnick. “Senior living communities for those 55 and up are in high demand in this greater area of Jersey.”
100 Kennedy Drive is also located near an anticipated $2.5-billion Riverton redevelopment project that is set to completely transform the area when completed.
In New Jersey, AMS also owns “Silk Lofts” at 154 Ave. East in Bayonne, an apartment building converted from the former Maidenform factory. AMS is adding 125 apartments to the 85-unit site. Units in the new buildings will range from $1,500 for a studio to $2,700 for a two-bedroom apartment, the company reports.