**AvalonBay Trades Wood-Ridge Apartments for $162M**
JLL Capital Markets has arranged the $161.5 million sale of Avalon Wesmont Station, a 406-unit multifamily community located in Wood-Ridge, New Jersey, within Bergen County. The team representing the seller, AvalonBay Communities, included Senior Managing Directors Jose Cruz, Steve Simonelli, and Michael Oliver, along with Directors Elizabeth DeVesty and Austin Pierce. The buyer was Cammeby’s International.
Located at 100 Rosie Square, Avalon Wesmont Station provides convenient access to major transportation routes, including Routes 17 and 3, Interstate 80, and Interstate 95. Originally constructed between 2012 and 2013, the residential community features a mix of studios, one-, two-, and three-bedroom apartments.
To support the acquisition, NewPoint Real Estate Capital secured a $112.4 million Freddie Mac loan. The financing, arranged by Vice President of Originations Ryan Koehler, offers a 10-year term with the first six years structured as interest-only payments.
“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.”
