AMS Acquisitions Buys Gillette Towers in New Jersey for $13M

SAYREVILLE, N.J. — AMS Acquisitions LLC, a New York City-based real estate investment firm, has purchased a seniors housing community in Sayreville, just across Raritan Bay from Staten Island, for $13 million.

The seller was Gillette, a New Jersey-based development firm that started construction on the 86,000-square-foot, age-restricted, five-acre housing project. The site is nearby a $2.5 billion redevelopment project that will “completely transform the area,” according to AMS.

Known as Gillette Towers, construction was recently completed on the first 80-unit building. AMS plans to break ground on the second 56-unit building later this year.

The apartments, which are all one-bedroom units, range in price from $1,400 to $1,550 a month.

AMS closed on the deal with its own equity and a bridge loan from Castellan Real Estate Partners. Jeremy Wernick, of Redwood Advisors, a New Jersey brokerage firm, represented both AMS and Gillette in the sale.