Avalon Wesmont Station, a premier multi-housing community with 406 residences and 18,000 square feet of ground floor retail in Wood-Ridge sold for $161.5 million. The JLL Capital Markets Investment Sales and Advisory team of Senior Managing Directors Jose Cruz, Steve Simonelli, Michael Oliver, along with Directors Elizabeth DeVesty and Austin Pierce, worked on behalf of the seller, Virginia-based AvalonBay Communities. Cammeby’s International Group of NYC was the buyer.
“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,” noted JLL’s 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.”
The multi-housing community is located at 100 Rosie Square. The complex, built in 2012 and 2013, comprises a mix of studios, one-, two- and three-bedroom apartments, averaging 959 square feet. Residents enjoy a broad offering of premium amenities including a fitness center, covered parking, sundeck, grills, a co-working space, and a swimming pool. The ground floor retail space is fully leased and the surrounding area offers many dining and retail options. Avalon Wesmont Station’s convenient location provides commuters easy access to public transportation as well as Route 3, I-95, I-80 and Route 17.
“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,” offered JLL’s Simonelli.
