JLL Capital Markets announced that it has arranged the $161.5 million sale of Avalon Wesmont Station, a 406-unit multifamily community located in Wood-Ridge, New Jersey.
JLL represented the seller, AvalonBay Communities. The buyer was Cammeby’s International.
Avalon Wesmont Station, situated at 100 Rosie Square, offers residents a prime location with easy access to major transportation routes including Rte-17, Rte-3, I-80 and I-95.
Built in 2012 and 2013, the community features a mix of studios, one-, two- and three-bedroom apartments, averaging 959 square feet. Avalon Wesmont Station boasts top-tier amenities including a swimming pool, sundeck with grills, resident clubroom with workstations, state-of-the-art fitness center and covered parking. Additionally, the community includes approximately 18,000 square feet of fully leased ground floor retail space.
Bergen County continues to be an attractive market for multifamily investments, with its proximity to New York City, strong demographics and high-quality of life. The Wood-Ridge submarket in particular has seen robust rent growth and low vacancy rates in recent years.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Steve Simonelli, Michael Oliver, along with Directors Elizabeth DeVesty and Austin Pierce.
“The sale of Avalon Wesmont Station demonstrates the continued investor appetite for well-located, institutional-quality multi-housing assets in strong suburban markets near New York City,” said Cruz. “This property’s strategic location, coupled with its value-add potential through unit renovations, made it an attractive investment opportunity in today’s market.”
“Northern New Jersey continues to be a target market for investors nationally given the strong market fundamentals. We want to thank our client and buyer for the flawless execution of this transaction,” added Simonelli.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
