ABERDEEN, N.J.–As the season for multi-family trades rages on, HFF has completed the $66.25 million sale of Avalon at Aberdeen Station, a 290-unit apartment community in Monmouth County.
AvalonBay Communities sold its development for $228,448 per unit to a company known as MFREVF Aberdeen Urban Renewal, making its first acquisition.
The Aberdeen Station complex is a transit-oriented community located at 1000 Central Avenue adjacent to the Aberdeen-Matawan train station.
“With visibility from the Garden State Parkway and convenient access to a train station providing access into New York City and the New Jersey shore, Avalon at Aberdeen’s location provides a unique opportunity to the buyer,” said Jose Cruz, a senior managing director with HFF.
Cruz and Andrew Scandalios, also a senior managing director, led the team representing the seller AvalonBay, which also included Kevin O’Hearn, Jeffrey Julien and Michael Oliver.
The developer built the property in 2002. Offering one- and two-bedroom units averaging 1,021 square feet each in four-story buildings, the complex is 96% leased. Amenities include a clubhouse, 24-hour fitness center, media room, community room, business center, outdoor heated swimming pool with Jacuzzi, sundeck and barbecue grills.
AvalonBay Communities makes its business in developing, redeveloping, acquiring and managing apartment communities in the high barrier-to-entry markets of the United States: the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California.
HFF, which operates 21 offices around the country, is based in Florham Park in New Jersey.