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| Avalon at Aberdeen Station, Aberdeen, NJ |
FLORHAM PARK, NJ – HFF announced it has closed the sale of Avalon
at Aberdeen Station, a 290-unit, Class A multi-housing community in
Aberdeen (Monmouth County), New Jersey.
HFF marketed the property on behalf of the seller, AvalonBay
Communities, Inc. MFREVF Aberdeen Urban
Renewal, LLC purchased the asset for $66.25 million or $228,448 per unit.
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| Jose Cruz |
Avalon at Aberdeen Station is a transit-oriented community
located at 1000 Central Avenue, adjacent to the Aberdeen-Matawan train station
and situated along the Garden State Parkway at exit 117.
Constructed in 2002,
the four-story property is 96 percent leased and features one- and two-bedroom
units averaging 1,021 square feet each.
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| Andrew Scandalios |
Community amenities include a clubhouse, 24-hour fitness
center, media room, community room, business center, outdoor heated swimming
pool with Jacuzzi, sundeck and barbecue grills.
The HFF investment sales team representing the seller was
led by senior managing directors Jose Cruz and Andrew Scandalios,
managing directors Kevin O’Hearn and Jeffrey Julien and associate
director Michael Oliver.
“With visibility from the Garden State Parkway and
convenient access to a train station providing access into New York City and
the New Jersey shore, Avalon at Aberdeen’s location provides a unique
opportunity to the buyer,” commented Cruz.
“MFREVF Aberdeen Urban Renewal, LLC performed very well on their first
New Jersey acquisition.”
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| Kevin O'Hearn |
AvalonBay Communities, Inc. is in the business of
developing, redeveloping, acquiring and managing high-quality apartment
communities in the high barrier-to-entry markets of the United States. These markets are located in the Northeast,
Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California
regions of the country.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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