AMS Acquisitions, a New York-based real estate investment firm, has acquired an 85-unit apartment complex in Bayonne.
Redwood Realty Advisors brokerage said Silk Lofts sold for $32.1 million.
“Silk Lofts is a rare Gold Coast trophy asset with high-quality amenities and a great location that also represented an attractive value-add investment opportunity for the buyer,” Redwood Realty director Steven Matovski said in a news release.
Located at 154 Avenue East, Silk Loft was developed on the former site of a Maidenform factory in 2009 by developers Stern Capital and CSR Group. AMS Acquisitions said it plans to expand the property with 125 additional residences by building on a parking lot.
“Bayonne is a hot residential market that is benefiting from a convenient commute into New York City and a more affordable housing market,” Redwood Managing Partner Thomas McConnell said in news release. “Our team used their knowledge of the up-and-coming market to secure a buyer after the property was previously listed unsuccessfully for sale by two national firms.”
Matovski represented the seller and buyer in the transaction. Jeremy Wernick of Redwood co-represented the buyer.