The seller was Advance Residential Communities, a unit of the Bedminster, NJ-based Advance Realty Group. In the transaction, ARC was represented by senior managing directors Tony Cuccia of the Edison, NJ office and Matthew Lawton of the Chicago office of Holliday Fenoglio Fowler. The parties declined to disclose the sale price.
The property is located in the Meadowlands submarket, across Route 3 from the Meadowlands Sports Complex and Giants Stadium. The pending project will include a mix of one- and two-bedroom units. AvalonBay, a public REIT, has some 40 residential communities in the metro New York area, and a total of 145 apartment communities in 10 states.
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