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LYNDHURST, NJ-AvalonBay Communities, the Alexandria, VA-based homebuilder, has acquired a 5.8-acre residential development site here. Called Signature Place at Lyndhurst, the site is already approved for the development of up to 350 apartment units and a multi-level parking structure. Proposed amenities include a swimming pool, fitness facility and clubhouse.

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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