Woodmont Square at Bridgewater sells for $36.2m

Woodmont Square at Bridgewater sells for $36.2m

Published at: 2018-10-04 16:34 | Author: CIJ USA
Woodmont Properties sold Woodmont Square at Bridgewater for $36.2m. The name of the new owner was not disclosed. The 100-unit residential scheme is located in the Green Knoll neighborhood of Bridgewater, New Jersey. Built in 2012, amenities include a clubhouse, fitness center, game room, business center, dog park and concierge services. The sale will cover the $20m construction loan that Woodmont secured from Provident Bank in 2012. Gebroe-Hammer Associates represented the seller.

“Whenever the renter population and the apartment stock percentages mirror one another, this demonstrates demand for existing multifamily properties is at a premium,” said Greg Pine, executive vice president at Gebroe-Hammer Associates. “In Bridgewater, the population is dominated by highly educated executives and managers who fall between the ages of 35 to 54. This tenant base is drawn to the family-friendly character of Bridgewater, proximity to Fortune 500 employers and ease of highway and mass transit access.”

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