Posted on: 08-17-18
The new first residential offering at Fort Monmouth is off to a fast start, drawing buyers for nearly a third of its 68 townhomes less than three months after hitting the market.
RPM Development Group announced recently that it had sold 20 homes, as of early August, at the complex known as East Gate. The firm touted the progress as a mark of approval for the collection of duplexes and single-family homes, which are located within the Oceanport section of the 1,126-acre former U.S. Army post.
“An exceptionally high level of buyer interest has converted into many sales in a short period of time, validating our long held belief that Ft. Monmouth would fast become one of Monmouth County’s preferred new residential address,” said Michael Hong, assistant vice president of development at RPM.
“The combination of luxury, one-of-a-kind homes, neighborhood soon to be ripe with a wealth of lifestyle amenities, and a storied Jersey Shore location has clearly resonated with a wide range of buyer types — from millennial first-time buyers and those moving up to larger homes to empty-nesters interested in scaling down from no-longer-needed single-family residences.”
RPM has restored a historic, century-old officer housing complex to create the new offering. According to the firm, that plan has resulted in homes with eye-catching, distinctive architecture that is different from the area’s conventional housing stock.
Fort Monmouth, which also includes parts of Eatontown and Tinton Falls, was closed by the military in 2011 as part of a federal base realignment. Led by the Fort Monmouth Economic Revitalization Authority, or FMERA, the state has overseen efforts to reposition the property and has several other commercial and residential projects moving through its pipeline.
East Gate is the first residential component to be introduced as part of the redevelopment. Homes are priced from the high $400,000s to the mid-$700,000s, with initial occupancy scheduled for early fall.
Palermo Edwards Architecture has remodeled the buildings’ interiors to create new two- and three-story homes with high-end interiors and appliances. RPM, meantime, cited the property’s location minutes from nearby beaches and the banks of the Shrewsbury River, along with its proximity to the entertainment, dining and culture of the fort and surrounding towns.
“There’s a wealth of leisure-time activities within the grounds of Fort Monmouth, including waterfront dining, picturesque nature trails and scenic common outdoor spaces,” Hong said. “The Fort Athletic Club, a state-of-the-art fitness and wellness facility, is expected to open this fall and future site plans call for other exciting new amenities and services such as a bowling center and microbrewery.”