SELA Realty acquires Waterside Villas for $23 million in Monroe, New Jersey
MONROE, NJ – SELA Realty Investments, the Fort Lee based investments and property management company had announced today its recent acquisition – Waterside Villas – A 100 unit class A property located in Monroe. Waterside Villas is a 2009 classic-architecture building within the sought-after Concordia neighborhood, which ranks highest in terms of income growth among all constituent neighborhoods in Monroe Township over the past five years. This senior-rental community is one of the region’s premier high-identity properties within one of the best performing senior-apartment-rental submarkets in the state. The purchase price was reported at $23 million with 100% occupancy at time of acquisition. Tal Steinberg managing partner for SELA Realty Investments said: “We are very proud to add this magnificent property to our portfolio! It’s our 3rd 55+ community in NJ which offers very stable and good quality tenancy base, along with low turnover. This acquisition also pushes us to a new milestone of 1000 units!