Woodmont Cove in South Amboy — Courtesy: Woodmont Properties
By Joshua Burd
Woodmont Properties has completed its lease-up at one of its newest luxury rental communities and has put the 126-unit property on the market for sale.
Known as Woodmont Cove, the complex in South Amboy reached full occupancy recently after opening its doors late last spring. The community is made up of 106 two-story townhomes with garage parking and 20 luxury flats located in an elevator-served building, all of which are within walking distance of NJ Transit’s South Amboy train station, waterfront parks and other offerings.
The developer has tapped HFF to market the property to would-be buyers.
“Leasing was at a very solid pace,” said Lewis Zlotnick, president of Woodmont Properties. “Rents escalated during lease-up, which shows a rising demand as occupancy increased and construction neared completion. Rents at turnover have increased between (5 percent and 10 percent) from initial face rents.
“Demand was and remains high due to walking distance to a busy downtown, train station, waterfront parks and amenities including the neighboring YMCA.”
HFF touted Woodmont Cove, located at 100 Celecki Drive, as South Amboy’s only luxury rental community. The property is adjacent to a YMCA and recreation center that features a 6,000-square-foot health and wellness center, full-sized basketball court, swimming pool and aerobics/strength training area, while each home features high-end finishes and appliances, with many townhomes offering private patios and balconies.
The developer and the brokerage team also touted the site’s proximity to downtown South Amboy and major highways such as the Garden State Parkway, New Jersey Turnpike, Interstate 287 and routes 35, 1 and 9.
Woodmont opened the project late last spring after more than 15 years of planning and negotiating with city officials and the property’s previous owners.
“Woodmont Properties promised and delivered an incredible project,” South Amboy Mayor Fred Henry said. “We now have a beautiful new living area that benefits Woodmont, its residents, and — of course — the people of the City of South Amboy.”
Stephen Santola, the firm’s executive vice president and general counsel, added: “We’ve been excited about this project since its inception and take pride in a milestone such as this, which is a true testament to the diligence and hard work that went into making Woodmont Cove a shining success.”
“Working with the city officials of South Amboy made this project even more special, as we were able to deliver on our promise to bring to market a luxury community that fits well within the character of the city,” Santola said.