**AvalonBay Trades Wood-Ridge Apartments for $162M**
JLL Capital Markets has successfully arranged the $161.5 million sale of Avalon Wesmont Station, a 406-unit apartment community located in Wood-Ridge, New Jersey, within Bergen County. The transaction was facilitated by senior managing directors Jose Cruz, Steve Simonelli, and Michael Oliver, along with directors Elizabeth DeVesty and Austin Pierce, who represented the seller, AvalonBay Communities. The buyer in the deal was Cammeby’s International.
Avalon Wesmont Station, located at 100 Rosie Square, offers residents convenient access to major transportation routes, including Routes 17 and 3, as well as Interstates 80 and 95. Originally constructed in 2012 and 2013, the property features a variety of studio, one-, two-, and three-bedroom apartments.
To support the acquisition, NewPoint Real Estate Capital provided a $112.4 million Freddie Mac loan. Ryan Koehler, Vice President of Originations, arranged the financing terms, which include a 10-year term with interest-only payments for the first 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.”
