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AMREP acquires majority in Strickland Farm plan.

AMREP will be building more than 1,000 units of housing this year, all of it affordable to middle-income people, said Anthony B. Gliedman, chairman of the board and chief executive officer of AMREP.

The project is the first new construction housing developed by The Solomon Organization, one of New Jersey's most top condominium and cooperative converters. The firm will remain a partner in Strickland Farm.

Nearly 100 homes have been sold at Strickland Farm since it opened for sale in 1990. Among other state, local and national honors, Strickland Farm was named 1991 New Jersey Community of the Year by the New Jersey Builders Association and the New Jersey Shore Builders Association.

AMREP Corporation, a national housing developer, has gained a majority interest in Strickland Farm, the 390-unit townhome community under development in Freehold, New Jersey, from The Solomon Organization.

AMREP and The Solomon Organization of Clark, New Jersey, have been partners in the deal since its inception in 1988. According to principals involved in the deal, the economic climate and the successful sales performance of the community influenced the shift in equity.

AMREP Corporation is one of the nation's premier developers of affordable housing, with communities under development in five states.
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Title Annotation:housing development project in New Jersey
Publication:Real Estate Weekly
Date:Sep 16, 1992
Words:203
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