Unfinished Part of Sterling Pointe Development in N.J. Trades Hands

Somerset, N.J.–Homebuilder Sterling Properties has sold 80 home sites at Sterling Pointe, Sterling Properties’ independent living (“active-adult,” the company calls it), over-55 property in Somerset County, N.J., to K. Hovnanian Homes, which will build out the final phase of construction. Sterling Properties will retain ownership of the community’s existing townhomes and single-family homes, as well as the remaining model homes and final inventory available for sale.

Located in Franklin Township, Sterling Pointe is near New Brunswick. The property’s amenities include an 8,000 square-foot clubhouse with a library, theater, card room, billiards room and lounge. Sterling Pointe also features a gazebo, walking paths for joggers and bicyclists, a heated pool, bocce ball court, horseshoe pitch and putting green. Homebuyers have access to a fitness studio, sauna and steam room.

K. Hovnanian will begin building homes immediately. Neither the buyer nor seller released a price for the home sites. A spokesman for Sterling Properties, however, did tell MHN that the additional development on the site will include a multifamily component.

Sterling Properties has a long history of single- and multifamily residential development in New Jersey as well as the New York metro area, Pennsylvania, Connecticut and Florida. Its other independent living property is Viera at Hanover Township, which is for residents 48 and over.

K. Hovnanian Homes is New Jersey’s largest homebuilder. The company reported recently that it currently oversees 188 actively selling properties. Excluding its joint ventures, it delivered 845 homes in the first quarter of fiscal 2011 (ended Jan. 31), compared with 1,091 homes during last year’s first quarter.