New Jersey luxury multi-housing community, Avalon Somerset, sold
JLL Capital Markets completed the sale of the Somerset, New Jersey apartment community
JLL worked on behalf of the seller, AvalonBay Communities, Inc., to complete the sale to the buyer, a joint venture between Harbor Group International and Azure Partners.
The luxury community is comprised of 384 studio, one-, two- and three-bedroom apartments and townhomes. Built in 2013, the community totals 12 three-story buildings, one four-story building and a one-and-a-half story clubhouse. Avalon Somerset offers top-of-the-line community amenities, including a fitness center, outdoor swimming pool with a sundeck and grilling area, residents’ lounge and children’s playground. Additionally, the community offers 468 covered and surface parking spaces for residents. Units average 1,016 square feet in size and feature in-unit washers and dryers, an open concept gourmet kitchen and spacious closets with select units offering private balconies and patios.
Avalon Somerset is located at 500 Bristol Blvd., proximate to various employment hubs, including Metro Park, Bridgewater, Princeton and New Brunswick. Offering regional connectivity, the property is near major roadways including Interstate 287, Route 27 and 1, as well as the New Jersey Turnpike.
The JLL Capital Markets team representing the seller was led by Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O'Hearn and Nicholas Stefans.
“There was significant activity for this well located, core-plus multi-housing deal by both intuitional and private investors given the potential upside in the transaction,” according to Cruz.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About AvalonBay Communities Inc.
AvalonBay Communities, Inc., an equity REIT, has a long-term track record of developing, redeveloping, acquiring and managing distinctive apartment homes in some of the best U.S. markets, and delivering outsized, risk-adjusted returns to shareholders. With equal parts experience and vision, we’ve established a leadership position rooted in building value for the long term.
About Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $12.7 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 4.9 million square feet of commercial properties and 45,000 apartment units. For additional information, please visit www.harborgroupint.com.