Gillette Towers at 100 and 110 Kennedy Drive in Sayreville — Courtesy: AMS Acquisitions LLC
By Joshua Burd
An investment firm has announced the sale of a new two-building, 136-unit senior housing complex in Sayreville for $28 million.
The New York-based seller, AMS Acquisitions LLC, completed the deal some two years after purchasing what’s known as Gillette Towers at 100 and 110 Kennedy Drive. A family-owned firm, A&RW Properties LLC and affiliates listed as JYW Holdings LLC and Nadlan Capital Inc., purchased the property just west of the Garden State Parkway.
“Many New York City developers have moved their business to Florida, Texas and other regions,” AMS Principal Michael Mitnick said. “We have continued to invest in the (New York metro) area, developing projects in suburban counties of New York and New Jersey.”
AMS noted that it paid $13 million to acquire the property in 2019 from a Gillette-based development firm. At the time, the site included a new 80-unit building at 100 Kennedy Drive and a parcel slated for a 56-unit structure that the firm subsequently developed.
The 80-unit building at 100 Kennedy Drive is now 100 percent leased and the second building is now nearing completion, AMS said. The complex is reserved for renters 55 and older, with monthly rents ranging from $1,400 to $1,550.
“With the purchase of Gillette Towers, AMS saw a great opportunity to enter the (55-plus) senior housing space, which we believe will continue to be a robust market into the future,” AMS Principal Avi Abadie said.
The community also features amenities such as a library and media room, gazebos and bocce and shuffleboard courts, according to a news release.
The buyer closed using its own equity and a bridge loan from MF1 Capital LLC, with brokers David Eisen and Meir Kessner of Sevenstone Capital sourcing the debt.
“JYW Holdings is looking to acquire multifamily properties in strong demographic areas, and Gillette Towers certainly meets that criteria,” Jason Weiss of JYW Holdings LLC said.
Naftali Weiss of NadlaCapital Inc. added: “We are very excited to add this asset to our portfolio and manage it with the same care and attention to detail as our other properties.”
