With the deal, the complex will get its third owner—and thirdname—in the five-plus years of its existence. It was developed asJefferson at Aberdeen Station in 2000/2001 by the Irving, TX-basedJPI. It was then sold to the BlackRock-managed fund in 2002 andsubsequently renamed Versailles at Aberdeen Station. The new owner,a private discretionary investment vehicle in which the Arlington,VA-based AvalonBay Communities has a 15% equity interest, is nowcalling the property Avalon at Aberdeen Station.

"It is one of only a few luxury rental apartment properties inCentral New Jersey," says Jose Cruz, senior director of Cushman& Wakefield's Metropolitan Area Capital Markets Group, EastRutherford, NJ, who orchestrated the deal with C&W colleaguesAndrew Merin, David Bernhaut and Gary Gabriel. "Its offering drew agreat deal of interest from the investment community. Theaggressive bidding speaks to continued strong demand for qualitymultifamily product."

"Current occupancy levels provide the opportunity for long-termnet operating income growth through leasing the remaining vacantunits, rent increases and expense reduction," Merin adds. "Andgiven the strong demand and limited supply of luxury condominiumcommunities in the surrounding area, it is primed forconversion."