By Joshua Burd
An investment firm has acquired a seven-acre development site in East Brunswick, where it plans to build nearly 100 new apartments about a mile from Route 18.
The New York-based firm, AMS Acquisitions, paid $5.1 million for the property at 377 Summerhill Road, according to a news release. It’s now slated to construct four three-story buildings with 96 units, 24 of which will be priced for low- or moderate-income renters.
The complex will also feature a central clubhouse, a fitness center, a tenant lounge, a children’s playground, dog run and an outdoor patio equipped with grills, a dining area and a walkable garden.
“AMS was immediately attracted to this project due its location at the corner of the major intersection in town, proximity to retail and shopping and the strong community in which it is based,” said Ari Mitnick, the firm’s director of acquisitions. The development is directly across from a ShopRite-anchored retail center and adjacent to the Frost Woods, a protected forest with popular hiking trails and recreational activities.
AMS listed the seller as HD Summerhill LLC, a joint venture of The Hampshire Cos. and Diversified Realty Advisors. Cushman & Wakefield’s Brian Whitmer, Ryan Dowd and Peter Welch led the team that marketed the property, which is minutes from the New Jersey Turnpike and the Garden State Parkway.
The deal follows AMS’ recent completion of a 136-unit, age-restricted community in Sayreville. The firm said it’s also planning projects in Hudson and Burlington counties.