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FORT LEE, NJ-Avalon Bay Communities Inc. has put its upscale Avalon Crest apartment community here on the market, and has given the New York City-based Rockwood Realty Associates LLC the exclusive to move the asset. The 351-unit complex, which is located about a mile from the George Washington Bridge, was completed by Avalon Bay in 1999.

“This offering represents an opportunity to acquire one of the finest institutional quality apartment communities in Northern New Jersey,” says Dan McNulty, president of Rockwood Realty. He expects to see “strong investor interest” in the property.

“Bergen County is one of the wealthiest and most densely populated counties in New Jersey, and it has an apartment vacancy rate of less than 5%,” adds Mark DeLillo, the firm’s senior vice president. “Avalon Crest’s urban infill location within a high-barrier to entry market should offer investors stable cash flow with significant upside potential.”

For renters, the complex offers a half-dozen floor plans and a variety of amenities and services, according to DeLillo.

Avalon Bay Communities, which is based in Alexandria, VA, has a number of other apartment properties in the Garden State, and it maintains a regional office in Woodbridge, NJ. Rockwood Realty, meanwhile, is a real estate investment banking firm that provides research-based transactional, advisory and investment management services.

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