JLL Capital Markets facilitates sale of Avalon Wesmont Station in Bergen County, NJ location

Wood-Ridge, NJ — JLL Capital Markets has arranged the $161.5 million sale of Avalon Wesmont Station, a 406-unit multi-housing community located in Wood-Ridge.

JLL represented the seller, AvalonBay Communities. The buyer was Cammeby’s International.

Avalon Wesmont Station, situated at 100 Rosie Sq., offers 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, providing 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. Avalon Wesmont Station boasts top-tier amenities including a swimming pool, sundeck with grills, resident clubroom, fitness center and covered 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 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 Investment 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 continued 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 renovations, made it an attractive investment opportunity in today’s market.”

“Northern NJ 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,” added Simonelli.