Woodmont Properties has sold its new Bridgewater community, Woodmont Square Apartments, for $32.55 million, according to real estate firm Gebroe-Hammer Associates.
The Class A courtyard-style garden apartment property at 100 Bellis Court includes 100 fully-occupied multifamily units. Gebroe-Hammer’s team of Greg Pine, executive vice president; Stephen Tragash, senior vice president; and Eli Herskowitz, sales associate, represented the seller, Woodmont Properties at Bridgewater LLC, and procured the undisclosed buyer.
“Whenever the renter population and the apartment stock percentages mirror one another, this demonstrates demand for existing multifamily properties is at a premium,” Pine said in a prepared statement. “In Bridgewater, the population is dominated by highly educated executives and managers who fall between the ages of 35 to 54. This tenant base is drawn to the family-friendly character of Bridgewater, proximity to Fortune 500 employers and ease of highway and mass transit access.”
The property contains a mix of one- to three-bedroom layouts, primarily two-bedroom units of 897-1,200 square feet. It is located within the Green Knoll neighborhood, near interstates 287 and 78, Route 22, Route 202-206 and other main arteries.
“Each of these factors, along with the rare opportunity to acquire an upscale suburban bedroom-community apartment complex, is what appealed to the buyer,” Tragash said in a statement. “Newly constructed for-sale multifamily investment assets in this important, high-profile corridor connecting Princeton to Morristown is atypical.”
