AvalonBay Communities, a publicly traded real estate investment trust, sold Avalon Wesmont Station, a 406-unit multi-housing community located in Wood-Ridge, for $161.5 million. JLL Capital Markets represented Arlington County, Va.-based AvalonBay.
The buyer was Cammeby’s International Group, a privately held real estate company run by Rubin Schron, one of New York City’s largest residential landlords. In 2013, he made an unsolicited offer of $2 billion to buy the Empire State Building. In recent years, Cammeby’s has broadened its portfolio beyond New York City to investment in properties in areas such as suburban New Jersey.
Bergen County is an attractive market for multi-housing investments because of its proximity to New York City and affluence. JLL said the Wood-Ridge submarket has seen strong rent growth and low vacancy rates in recent years.
Avalon Wesmont Station is located at 100 Rosie Square near major transportation routes such as Route 17, Route 3, and Interstates 80 and 95. The property is positioned as a convenient commuting option to New York City.
“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 JLL Capital Markets Senior Managing Director Jose Cruz, who helmed the firm’s sales and advisory team. “This property’s strategic location, coupled with its value-add potential through unit renovations, made it an attractive investment opportunity in today’s market.”
Avalon Wesmont Station was built about 13 years ago and has a mix of studios, one-, two- and three-bedroom apartments that average 959 square feet. Its amenities include a swimming pool, sundeck with grills, resident clubroom with workstations, fitness center, and covered parking. The community also includes approximately 18,000 square feet of fully leased ground floor retail space.
JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Cruz, Steve Simonelli, Michael Oliver, along with Directors Elizabeth DeVesty and Austin Pierce.
“Northern New Jersey continues to be a target market for investors nationally given the strong market fundamentals,” said Simonelli.
Shares of AvalonBay Communities have slid 7.5% to $203.38 so far this year on the New York Stock Exchange. The company has a market cap of $28.9 billion.
