After the race track was demolished, D.R. Horton of Fort Worth, Texas began the planning and construction of the Plaza Grande at Garden State Park. A 55 and over luxury community near Chapel Avenue. They built 4 condominiums which have anywhere from 24-26 condos in them. They began construction of the clubhouse. When the market took a turn in 2008/2009, they couldn’t afford the property anymore. We bought the property 2014.
We are Tri-State Ventures (TSV-TGA). We own commercial property in New York and Pennsylvania. This is our first residential property. When we bought the property, we completed the clubhouse. Inside the 18,500 square feet clubhouse is a movie theater, sports lounge with billiards. There is a yoga room, fitness center, indoor pool, a hot tub along with saunas in the men’s and women’s bathrooms.
In October of 2016 we opened our first rental building with 30 apartments. This building has 1bed 1bath apartments and 2bedroom 2full size baths. This building is currently 70 percent full.
We recently opened our second rental building. This building will also have 30 apartments for rent. We currently rented eight apartments in this building.
At the end of December 2016, we started working on our fourth rental building.