BlueGate Partners has been
retained on an exclusive basis to arrange for the sale of Waterside Gardens, a
523 unit garden-style apartment community in Brick Township, New Jersey. 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, the 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.