Gebroe-Hammer Brokers $44M Deal for Luxury Multifamily in Central New Jersey

Commercial real estate agency Gebroe-Hammer Associates of Livingston, NJ, has brokered the sale of 125 Class A units at a new townhome-style rental community in central New Jersey for $43.5 million.

The deal was between an unnamed seller and private investor buyer.

Known for its walkability, Bayside Cove Apartments was built in 2018 and is located at 100 Celecki Dr. in South Amboy, N.J. It sits less than two miles from the Raritan Bay Region in Middlesex County.

The community features a mix of 20 luxury-style apartment flats and 106 townhomes with varying floorplans. The units all feature high-end finishes, attached garages, designer kitchens and baths, vaulted ceilings, private patios and balconies.

The nearby South Amboy Train Station offers direct service to Newark and New York Penn Station, while the South Amboy Ferry Terminal will offer waterway service to lower Manhattan once completed. By road, the Garden State Parkway, New Jersey Turnpike, and U.S. Routes 1, 9 and 35 with proximity to I-287 are easily accessible.

“Bayside Cove posed a rare new-development, transit-village investment opportunity along one of New Jersey’s most historic coastal regions that is currently undergoing a rebirth,” said Executive Vice President Steven Tragash in a statement. Tragash, along with Executive VP Greg Pine and Executive Managing Director Joseph Brecher, exclusively brokered the deal.

Tragash cited Middlesex County’s favorable demographics, long-term financial health, and stable renter-by-choice, executive-level population as advantages. The county and the Raritan Bay Region are both undergoing a rebirth and investment boom in multifamily due to proximity to prime employment centers – including medical companies and colleges – in Princeton, Piscataway/New Brunswick, Trenton, North Jersey and New York City.

Approximately 1,838 newly constructed residential units, a restaurant, parking facilities, a public park and continuation of the Raritan Bay waterfront walkway are planned for the area, according to the release.

Multifamily⁠—including Class A, B and C high-rise and garden-apartment properties⁠—has been Gebroe-Hammer’s focus since the mid-1970’s and a big part of its growing national client base and portfolio in the northeastern Pennsylvania and New York State submarkets.