Gillette Towers in Sayreville was recently purchased by New York City-based AMS Acquisitions LLC, from NJ development firm Gilette for $13 million.
A senior housing community comprised of two residential rental buildings with 136 units designated for those 55 and older, the property at 100 Kennedy Drive sits on almost five acres.
Jeremy Wernick, of Redwood Advisors, a New Jersey brokerage firm, represented both AMS and Gillette in the sale.
Known as Gillette Towers, the first 80-unit building at 100 Kennedy Drive, recently completed construction and is now being leased. AMS plans to break ground on the second 56-unit building later this spring.
The two elevator buildings will share amenities that include: gym/fitness center, library/media and community room and tenant storage in each building, along with two outdoor gazebos, two bocce ball and shuffleboard courts and a dedicated leasing /management office. Outdoor parking includes 136 spots.
AMS closed on the deal with its own equity and a bridge loan from Castellan Real Estate Partners.