Monroe Township Adult Multifamily Trades for $23M
Olive Tree Management sold the property located at 1 Overlook Drive in historic Monroe Township, according to brokerage firm Gebroe-Hammer Associates.
MONROE TOWNSHIP, NJ—Sela Properties has acquired the 100-unit Waterside Villas 55-and-over apartment community here for $23 million.
Olive Tree Management sold the property located at 1 Overlook Drive in historic Monroe Township, according to brokerage firm Gebroe-Hammer Associates.
Adam Zweibel, senior vice president of Gebroe-Hammer, exclusively represented the seller and procured the buyer in the transaction.
“The buyer was drawn to Waterside Villas’ prominence and the vibrant neighborhood’s highly educated 55+ age demographic as well as a nice mix of other age groups, which render it extremely retiree and family friendly,” says Zweibel, who represented Oak Tree Management in acquiring the property just two years ago and notes 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 highest in terms of income growth among all Monroe Township constituent neighborhoods over the past five years.”
Built in 2009, the three-story elevator building in affluent southeastern Middlesex County, which is the second largest of nine geographic Central New Jersey submarkets where little-to-no new construction of multi-family product is planned despite the metro’s low vacancy rates, Gebroe-Hammer states.
“The region is experiencing heightened 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,” adds Zweibel, the brokerage firm’s Central Jersey market specialist.