M id A tlantic Real Estate Journal — Owners, Developers & Managers — May 2025 — 35
www.marej.com
O wners , D evelopers & M anagers
$161.5M sale of premier multi-housing community in New Jersey JLL Capital Markets facilitates sale of Avalon Wesmont Station in Bergen County, NJ location
W
multi-housing investments, with its proximity to NYC, 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 Invest- ment 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 con- tinued investor appetite for
well-located, institutional- quality multi-housing assets in strong suburban markets near NYC,” said Cruz. “This property’s strategic location, coupled with its value-add potential through unit reno- vations, made it an attractive investment opportunity in today’s market.” “Northern NJ continues to be a target market for in- vestors nationally given the strong market fundamentals. We want to thank our client and buyer for the flawless execution of this transaction,” added Simonelli. MAREJ
OOD-RIDGE, NJ — JLL Capital Markets has ar-
ranged the $161.5 million sale of Avalon Wesmont Station, a 406-unit multi-housing com- munity located in Wood-Ridge. JLL represented the seller, AvalonBay Communities . The buyer was Cammeby’s International . Avalon Wesmont Station, situated at 100 Rosie Sq., of- fers residents easy access to major transportation routes including Rte-17, Rte-3, I-80 and I-95. The property is just 12 miles west of NYC, provid- ing convenient commuting options for residents working in the metropolitan area. Built in 2012 and 2013, the community features a mix of studios, one-, two- and three- bedroom apartments. Ava- lon Wesmont Station boasts top-tier amenities including a swimming pool, sundeck with grills, resident clubroom, fitness center and covered Marcus & Millichap brokers $1.17M sale of Hudson County multifamily property
Avalon Wesmont Station
parking. Additionally, the community includes 18,000 s/f of fully leased ground floor
retail space. Bergen County continues to be an attractive market for
YOUR LIABILITY INSURANCE UNQUESTIONABLY HAS A POLLUTION EXCLUSION That means no protection against direct and indirect liability losses, and property devaluation, caused by mold, bacteria, legionnaires disease, oil spillage, lead, and many more pollution-related claims. E. B. Cohen Insurance and Risk Management has solutions and coverages to fill this gap in your security.
20 63rd St.
WEST NEW YORK, NJ — Marcus & Millichap announced the sale of a six-unit multifam- ily property at 20 63rd St. in West New York, for $1,170,000, or $195,000 per unit. Kevin Taub , first VP invest - ments in Marcus & Millichap’s NJ office exclusively marketed the property on behalf of the seller, Silicon Alley Properties, LLC and procured the buyer. The three-story walk-up fea- tures one-, two- and three-bed- room units, including three that were recently renovated. MAREJ
GET A FREE RISK SURVEY AND NO OBLIGATION CONSULTATION TODAY
Made with FlippingBook. PDF to flipbook with ease