Bayside Cove at 100 Celecki Drive in South Amboy — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
An investor has paid more than $40 million to acquire a newly built, 125-unit rental development in Middlesex County, in a transaction arranged by Gebroe-Hammer Associates.
The brokerage firm represented the unnamed seller in the transaction at 100 Celecki Drive in South Amboy, the site of a townhome-style community known as Bayside Cove. The private buyer purchased the complex for $43.45 million, Gebroe-Hammer said, citing the property’s location near the Raritan Bay and its proximity to mass transit.
Joseph Brecher, executive managing director, and executive vice presidents Greg Pine and Stephen Tragash completed the assignment for the Livingston-based brokerage.
“Bayside Cove posed a rare new-development, transit-village investment opportunity along one of New Jersey’s most historic coastal regions that is currently undergoing a rebirth,” said Tragash, who noted the buyer plans to leverage the nautical locale. “Because of Middlesex County’s demographic cohort and long-term greater-metro stability, the area’s renter-by-choice executive-level population base is expected to remain fairly stabilized.”
Developed by Woodmont Properties, Bayside Cove was completed in 2018. Residents at the property benefit from luxury finishes and a series of community amenities, while the complex is adjacent to Raritan Bay Waterfront Park.
The property is also a few blocks from the South Amboy train station and minutes from the Garden State Parkway, the New Jersey Turnpike and other highways. Gebroe-Hammer added that, as part of a sweeping city-approved redevelopment initiative, the neighborhood is targeted for 1,838 newly constructed residential units, a restaurant, parking facilities, a public park and continuation of the Raritan Bay waterfront walkway.
“Because it is so close to major corporations, medical companies and colleges and universities, Middlesex County offers unrivaled transit, highway and technology connectivity — all of which are important in today’s society,” Tragash said.