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FREEHOLD, NJ-AvalonBay, the Alexandria, VA-based residential developer, has officially opened its 296-apartment Avalon at Freehold. The luxury rental community was slightly more than 25% pre-leased at its opening, according to Gary Steinfield, Avalon’s vice president of development.

“Avalon at Freehold is part of our ongoing effort to create upscale rental apartment homes,” according to Steinfield. “Our goal is to attract affluent young professionals and empty-nesters with disposable incomes that, in turn, have a positive impact of local businesses.

The property is the company’s ninth in New Jersey. Avalon’s total investment hasn’t been disclosed, although Steinfield describes it as being in the “tens of millions of dollars. The company has a regional office in Woodbridge, NJ.

Avalon at Freehold’s units, some with lofts, are grouped in two-story buildings on 42 acres of a 68-acre site. On-site amenities include a freestanding clubhouse with a fitness center and a business center.

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