Gebroe-Hammer arranges $23M multifamily sale

Gebroe-Hammer Associates announced Wednesday it has arranged the $23 million sale of Waterside Villas, an upscale apartment community, in Monroe Township.

Waterside Villas.

Adam Zweibel, senior vice president at Gebroe-Hammer, represented the seller, OliveTree Management, and procured the buyer, Sela Properties.

“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,” said Zweibel. “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.”

The building, built in 2009 and located at 1 Overlook Drive, is comprised of three stories with 100 Class A units.

“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,” Zweibel said.

With 31 different floorplans ranging in size from 700 to 1,160 square feet, Waterside Villas offers amenities including a fitness center, parking, dry cleaning, housekeeping services, a covered outside patio, a BBQ area and more.