The New York City-based investment firm AMS Acquisitions LLC has sold a two-building senior housing community in Sayreville, NJ.
The New-York-based family-owned real estate firm, A&RW Properties LLC, along with its affiliates, JYW Holdings LLC and Nadlan Capital Inc., purchased the asset, Gillette Towers, for $28 million.
Gillette Towers features 136 units spanning two buildings that comprise 130,000 square feet. The property is situated across Raritan Bay from Staten Island.
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AMS Acquisitions originally purchased the property as an 80-unit building in May 2019 for $13 million from the development firm, Gillette. Located at 100 Kennedy Dr., the fully-leased building offers one-bedroom floorplans to occupants aged 55 or older.
Upon acquiring the property in 2019, AMS Acquisitions broke ground a second building, which is now near completion. The second building, located at 110 Kennedy Dr., features 56-units, a library/media room, outdoor gazebos, bocce courts and shuffleboard courts. Rent prices for the second building range from $1,400 to $1,550 per month.
"With the purchase of Gillette Towers, AMS saw a great opportunity to enter the 55+ senior housing space, which we believe will continue to be a robust market into the future," states Avi Abadie, principal at AMS Acquisitions.
The buyer purchased the housing development utilizing its own equity and a bridge loan from lender, MF1 Capital LLC, represented by brokers David Eisen and Meir Kessner of Sevenstone Capital.
"Many New York City developers have moved their business to Florida, Texas and other regions," says Michael Mitnick, principal at AMS Acquisitions. "We have continued to invest in the NY Metro area, developing projects in suburban counties of New York and New Jersey."
"JYW Holdings is looking to acquire multifamily properties in strong demographic areas, and Gillette Towers certainly meets that criteria," says Jason Weiss of JYW Holdings LLC.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
