(To read more on the multifamily market, click here.)

ASBURY PARK, NJ-Kushner Cos. has closed title to three city blocks on which it will build the second phase of the Wesley Grove mixed-use community. The acquisition, on the southern end of this oceanfront city, paves the way for Kushner to move through the city’s technical review committee approval process on its proposal to build an additional 300 condos and duplexes.

The sale price was not disclosed; however, the financing was provided Valley National Bank. The seller was Asbury Partners, locally based master developer of the 56-acre Oceanfront Asbury redevelopment area along the city’s oceanfront.

Phase II of Wesley Grove follows the 146-unit initial phase, the first portion of which is currently under construction and slated for completion in early fall. About 50% of the initial 91 townhome and condo units have already sold, reports Jeffrey Freireich, managing director of the Florham Park-based Kushner. The rest of the initial 146 units are scheduled to be under construction shortly.

“The community has generated a lot of demand,” says Freireich, noting that it’s being built by Kushner’s development arm, Westminster Communities. “We’re planning on moving as quickly as possible to begin construction on Phase II.”

The land just purchased for the second phase is listed as Blocks 131, 142 and 143 on the city’s zoning map, with the blocks forming a triangle between Cookman, Asbury and Heck avenues. At build-out, Wesley Grove will total some 750 homes and 35,000 sf of retail space in a neighborhood configuration. The units will be in buildings ranging from three to eight stories, designed by the Liebman Melting Partnership of New York City.

The overall Oceanfront Asbury project is being built by multiple developers under the direction of master developer Asbury Partners. Its 10-year build-out will encompass 3,000 residential units and a 450,000-sf retail/entertainment component at an estimated cost of $1.25 billion.

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