AvalonBay Trades Wood-Ridge Apartments for $162M
JLL Capital Markets arranged the $161.5-million sale of Avalon Wesmont Station, a 406-unit apartment community located in the Bergen County community of Wood-Ridge, NJ. Senior managing directors Jose Cruz, Steve Simonelli and Michael Oliver and directors Elizabeth DeVesty and Austin Pierce, represented the seller, AvalonBay Communities. The buyer was Cammeby’s International.
Avalon Wesmont Station, situated at 100 Rosie Sq., offers convenient access to major transportation routes including Routes 17 and 3, I-80 and I-95. Built in 2012 and 2013, the community features a mix of studios, one-, two- and three-bedroom apartments.
NewPoint Real Estate Capital provided a $112.4-million Freddie Mac loan to facilitate the acquisition of Avalon at Wesmont Station. VP of originations Ryan Koehler arranged the financing, which features a 10-year term and interest-only payments for six years.
“There were many factors that made this an attractive loan, including an extremely strong sponsor, the condition of this recently built asset, and the high affordable set-asides at the property,” said Koehler. “I am confident that this will be a great addition to our client’s growing portfolio.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout