BlueGate Partners, LLC (“BlueGate”) is pleased to announce the successful sale of Waterside Gardens, a 523 unit garden-style apartment community located in Brick Township, New Jersey (the “Property”). Representing the seller, LPZ Management, BlueGate sold the property to Woodlake Management for $51 million.
The Property contains one- and two-bedroom apartments ranging in size from 800 to 1,000 square feet that are spread throughout 19 two-story buildings. Conveniently located less than 10 minutes from the Atlantic Ocean, this quaint costal community is less than one and one-half hours from both New York City and Philadelphia, offering residents access to the employment, lifestyles and attractions of two distinct major metropolitan areas. Originally constructed between 1969 and 1972, Waterside Gardens is a strong value-add candidate and current ownership has proven this potential through the implementation of a renovation and capital improvement program on approximately 30% of the units. Additionally, approvals are being sought for the addition of 16 units to the property, as well as for the construction of a 2,000 SF clubhouse which can contain a fitness center and other community amenities for residents.
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.