Inspired By Somerset Development Acquires Oceanfront Condo Development Site In Asbury Park For $15M

$15,000,000

Building Size

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Asset Type

Development Site

Closing

Dec 18, 2023

AI

Inspired by Somerset Development has closed a $15 million sale of an oceanfront condominium development parcel in Asbury Park. The approved project, featuring 155 residences and 9,340 square feet of retail space, aims to create a "villas in the sky" effect, with construction anticipated to begin in 2024.

Summary of transaction details

Property Type: Development Site
Transaction Amount: $15,000,000
Market: Asbury Park

The buyer of the development site in Asbury Park is Inspired by Somerset Development, represented by Ken Gold from the same company. The seller is Star Holdings. The brokers involved in the deal are J.B. Bruno, Jose Cruz, and Ryan Robertson from JLL.

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