Somerset luxury apartment community sold, according to JLL

Avalon Somerset, a luxury apartment community in Somerset, has been sold, according to JLL Capital Markets.

The 384-unit property, which includes 12, three-story buildings at 500 Bristol Blvd. and a range of apartments from studios to three-bedrooms, was sold by AvalonBay Communities Inc. to a joint venture of Harbor Group International and Azure Partners.

JLL worked on behalf of the seller in the deal. The Capital Markets team was led by Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Nicholas Stefans.

“There was significant activity for this well-located, core-plus multihousing deal by both institutional and private investors, given the potential upside in the transaction,” Cruz said in a prepared statement.

Financial terms of the deal were not disclosed.