Waterside Villas at 1 Overlook Drive in Monroe — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
An investment group has paid $19.2 million for a 100-unit luxury rental building in Monroe Township, Gebroe-Hammer Associates announced Wednesday.
The brokerage, which represented the seller in the deal, said the age-restricted building known as Waterside Villas is located at 1 Overlook Drive. It identified the seller as Waterside Villas LLC, while not disclosing the private buyer.
Vice President Adam Zweibel, Gebroe-Hammer’s Central Jersey market specialist handled the assignment for the Livingston-based brokerage.
“While a high percentage of the properties in the surrounding Concordia neighborhood were primarily built between 1970 and 1999, Waterside Villas stands out for its new construction and classic architecture that reflects the area’s historic character,” Zweibel said in a prepared statement.
The three-story building includes a mix of studio, one-bedroom and two-bedroom units, sitting just off New Jersey Turnpike 8A, Gebroe-Hammer said in a news release. It includes condominium-style finishes and amenities such as a fitness center and parking, along with dry cleaning and housekeeping services, an outdoor patio and a BBQ area.
Zweibel also touted property’s location a half-mile from the Concordia Shopping Center and about 15 miles from Freehold Raceway Mall, along with its access to roadways such as Route 33 and the New Jersey Turnpike.
“In addition to being drawn to the peaceful, quiet and highly accessible location, the buyer was attracted to the region’s diverse tenant base, which is a vibrant mix of highly educated over-65 and under-65 age groups with former or current professional executive-level occupations and upper-income levels,” said Zweibel. “The Concordia neighborhood is extremely ‘retiree friendly,’ favored by those seeking to downsize and retain their New Jersey roots.”
