JLL closes $66M sale of Class A apartment property in Monmouth County

JLL Capital Markets announced on Tuesday it has closed the sale of Avalon Tinton Falls, a 216-unit multihousing property in Tinton Falls.

A person familiar with the transaction said it sold for $66 million.

The JLL team of Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli, Mark Mahasky and J.B. Bruno marketed the property on behalf of the seller, AvalonBay Communities Inc. It was purchased by a private investor.

The Class A property, completed in 2008, is situated on 35 acres at 100 Autumn Drive. It boasts a suite of amenities, including a clubhouse with a fitness center, a swimming pool with sundeck, playground, car care center, lounge, grilling stations and a dog park. The one-, two- and three-bedroom floorplans average 1,101 square feet and each has an in-unit washer and dryer, a patio or balcony, and large walk-in closets.

“Multifamily continues to be a safe haven for investment capital in the suburban New York area given all the challenges that the markets are currently facing,” Cruz said.

The complex sits less than one mile from Exit 100B of the Garden State Parkway.