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Avalon Bay sells luxury NJ development

JLL Capital Markets announced 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.

Public records show Avalon Bay bought the development site for $7.75 million in 2008 and completed the property in 2008. It  has been institutionally maintained since and comprises contemporary amenities, including a clubhouse with a fitness center, swimming pool with sundeck, playground, car care center, lounge, grilling stations and dog park.

Units include a mix of one-, two- and three-bedroom floor plans averaging 1,101 s/f. 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.

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