Transit-Oriented Luxury Apartment Community for Sale in South Amboy

Thursday, January 31, 2019

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing a Class A boutique apartment community for sale in South Amboy, New Jersey. The newly constructed Woodmont Cove offers 126 market-rate residences without any income or age restriction and features a large unit size averaging 1,235 square feet in a luxury townhome construction style. The property is positioned as the only luxury rental property in South Amboy, giving Woodmont Cove pricing power due to high demand. Currently 98 percent leased, investors will benefit from a mark-to-market in rents as second-generation leases are executed. 

Located at 100 Celecki Drive, Woodmont Cove is within a 10-minute walk to the South Amboy Train Station, which provides access to New York Penn Station in 55 minutes. In addition, there are ample area amenities, including an adjacent YMCA and Swim/Tennis Club, a 100-acre waterfront park and South Amboy’s downtown, along with a dog run and grilling area at the property.

Unit features include Whirlpool stainless steel appliances, gas ranges, quartz countertops, soft close cabinetry, glass tile backsplash in the kitchen, double sink vanities and porcelain tile in bathrooms, nine-foot ceilings, oversized windows, walk-in closets, private balconies in select residences and in-unit washer and dryers.

Apartment for Sale Investment Highlights

  • Best-in-Class Construction with Townhouse Units:  Completed in 2018, 91 percent of the unit mix comprises two-bedroom residences, 106 of which are townhouse style. All 106 townhomes have attached garages with direct entrances into the residences. Twenty residences are traditional “flats” located in a three-story, elevator-served building with partial parking underneath.
  • Transit-Oriented Downtown Location:  The South Amboy Train Station, which transports passengers to Penn Station in under an hour, is less than a 10-minute walk away, and the property is within five minutes of major roadways, including Route 35 and 9 and the Garden State Parkway. Additionally, federal funding of $10 million has been approved from the New Jersey Department of Transportation for a new ferry terminal that will take passengers from South Amboy to Manhattan in 40 minutes and is expected to be open in 2020.
  • Central Location with Access to Employment Centers:  Major employment centers are located less than an hour from the apartment community for sale, which allows for split-commuter households to benefit from this premier access. The property is in a rare location that is easily accessible to all major New Jersey employment bases and New York City while being located within minutes of New Jersey’s most popular shore points. The multi-family property for sale also is located within 20 minutes of the newly redeveloped Bell Works office complex, which houses more than 6,000 employees and the iCIMS world headquarters.
  • Superior Market Positioning and Lack of Supply:  South Amboy has witnessed notable population growth of 12.6 percent since 2000, and, of the 2,300 households in South Amboy, approximately 782 (34 percent) are renters, and Woodmont Cove is the only luxury apartment community within the municipality. Rental rates have increased at the property since the start of leasing by 18.7 percent on a whole dollar monthly basis and 6.3 percent on a per square foot basis.   

This multi-housing community for sale offers the unique opportunity for investors to acquire a best-in-class quality asset that is well positioned within its submarket in a transit-oriented location. For more information on this or other apartment communities for sale in New Jersey, please contact Kevin O’Hearn in HFF’s New Jersey office. For a listing of other apartment properties for sale, please click here.

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