WOOD-RIDGE, N.J. — JLL has brokered the $161.5 million sale of Avalon at Wesmont Station, a 406-unit apartment community located at 100 Rosie Square in Wood-Ridge, about 15 miles west of Manhattan.
Avalon at Wesmont Station was built in 2012-2013 and offers one-, two- and three-bedroom units with an average size of 959 square feet. Amenities include a pool, outdoor grilling and dining stations, resident clubroom with workstations and a fitness center. The property also houses 18,000 square feet of ground-floor retail space that is fully leased.
Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Virginia-based REIT AvalonBay Communities Inc. (NYSE: AVB), in the transaction. The buyer was New York-based Cammeby’s International Group. Ryan Koehler of NewPoint Real Estate Capital originated a $112 million Freddie Mac acquisition loan, which carried a 10-year term and six years of interest-only payments, for the deal.
“The sale of Avalon at Wesmont Station demonstrates the continued investor appetite for well-located, institutional-quality multi-housing assets in strong suburban markets near New York City,” says 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 apartment community is situated adjacent to Rosera Wesmont, a newly delivered multifamily community developed by JCMLiving, which is an affiliate of Cammeby’s International. Both properties are part of the 150-acre Wesmont Station, a redevelopment of a 150-acre site in Wood-Ridge that formerly housed an aircraft engine manufacturing facility and now features a NJ Transit rail station.
New York YIMBY reports that the new ownership has rebranded Avalon Wesmont Station as Volair Wesmont.
As of year-end 2024, AvalonBay owns or has ownership interests in 306 multifamily communities across the country, 17 of which are currently under construction. The company’s stock price closed on Friday, April 21 at $201.51 per share, up from $186.87 a year ago, a 7.8 percent increase.
— Taylor Williams