Beachwold Acquires NJ Community for $57M

At the time of the sale the property was 98 percent occupied. 

The Forge at Glassworks, a 170-unit community in Aberdeen, Monmouth County, N.J., has sold to Beachwold Residential for $57 million. Ingerman Group sold the property.

Located at 118 Glassworks Blvd., The Forge at Glassworks is a garden-style, market-rate community completed in 2017. At the time of the sale the property was 98 percent occupied. 

The community features two- and three-story structures and offers one- and two-bedroom apartments, as well as three-bedroom townhomes. The average size of residences measures 1,077 square feet.  

Features and finishes include quartz countertops, digital locks in all units, above-standard ceiling heights and private balconies or patios. Common-area amenities include a pool, fitness center with a yoga room and sauna, game room, clubroom and outdoor spaces with fire pits and walking trails.

The JLL Capital Market’s Investment and Sales Advisory team’s Senior Managing Directors Jose Cruz, Michael Oliver and Steve Simonelli and Directors Elizabeth DeVesty and Austin Pierce represented the seller in the transaction.

Well-situated

Located in Eastern Monmouth County, Aberdeen Township features a population of approximately 20,000 with average household incomes of $142,987. Almost three-quarters of residents are white-collar professionals and more than half of Monmouth County residents hold a bachelor’s degree or higher. The area is known for its scenic coastline and robust commercial presence.

Four different community college campuses, all within a 19-mile drive, serve the area. The Aberdeen Matawan and Hazlet New Jersey Transit stations are four and five minutes away from the Forge at Glassworks, respectively.

Three shopping centers, Aberdeen Plaza, Cheesequake Commons and Town Square Shopping Center. are situated within one mile of the property. Nearby parks and recreation include Cheesequake State Park, Old Bridge Waterfront Park, Raritan Bay Waterfront Park, Historic Longstreet Farm and Conference House Park, all located within 15 miles of The Forge at Glassworks.

Also in New Jersey, a 386-unit multifamily tower is underway in Hoboken. The luxury, mixed-use project will stand 27 stories and include 20 percent of its homes as affordable units. It has an expected completion date in 2026 after celebrating its breaking ground last month.