JLL closes sale of Avalon Tinton Falls in Monmouth County
The Class A, garden-style multi-housing property totals 216 units
MORRISTOWN, N.J., May 19, 2020 – JLL Capital Markets announced today that it has closed the sale of Avalon Tinton Falls, a 216-unit, Class A garden-style apartment property in Tinton Falls, Monmouth County, New Jersey.
JLL marketed the property exclusively on behalf of the seller, AvalonBay Communities, Inc. A private investor purchased the asset free and clear of existing financing.
Avalon Tinton Falls is situated on 35 acres at 100 Autumn Drive less than one mile from Exit 100B of the Garden State Parkway, which offers unmatched regional accessibility. The community is also near affluent beach communities, including Spring Lake, Sea Girt and Avon-by-the-Sea, and more than 3.3 million square feet of Class A corporate office parks within a 10-mile radius. Completed in 2008, the property has been institutionally maintained and comprises contemporary amenities, including a clubhouse with a modern fitness center, swimming pool with sundeck, playground, car care center, lounge, grilling stations and dog park. Units include a diverse mix of one-, two- and three-bedroom floor plans averaging 1,101 square feet. Apartments feature in-unit washers and dryers, private patios or balconies, crown molding and spacious walk-in closets.
The JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli, Mark Mahasky and J.B. Bruno.
“Multifamily continues to be a safe haven for investment capital in the suburban New York area given all the challenges that the markets are currently facing,” stated 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 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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About JLL
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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 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.
As of December 31, 2019, AvalonBay Communities, Inc. owned or held a direct or indirect ownership interest in 297 apartment communities containing 86,846 apartment homes in 11 states and the District of Columbia, of which 22 communities were under development and two communities were under redevelopment. The company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.