New York-based real estate investment firm AMS Acquisitions announced Aug. 3 that it recently purchased a development site in East Brunswick for $5.1 million from HD Summerhill LLC, a joint venture of the Hampshire Cos. and Diversified Realty Advisors.
Located at 377 Summerhill Road, AMS plans to construct four, three-story buildings with 96 rental apartments on the 7-acre plot. The community will consist of 24 affordable units, 72 free-market one-and-two-bedroom units, and will feature a central clubhouse, fitness center, tenant lounge, children’s playground, dog run and an outdoor patio equipped with barbeque stations, dining area and a walkable garden.
The development is directly across from a Shoprite-anchored shopping center and adjacent to the “Frost Woods,” a protected forest with popular hiking trails and recreational activities.
“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 AMS Director of Acquisitions Ari Mitnick.
The site is in close proximity to the New Jersey Turnpike and the Garden State Parkway and is 1.2 miles from U.S. Route 18, a major retail corridor featuring numerous shopping and dining options as well as Brunswick Square Mall.
Brian Whitmer, Ryan Dowd, Peter Welch and the New York Metropolitan Area Capital Markets Team at Cushman Wakefield NJ represented the seller and procured the buyer in the transaction.