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WOOD-RIDGE, NJ-AvalonBay Communities has closed on its purchase of the first two development sites at Wesmont Station, the transit-oriented redevelopment of the former Curtiss-Wright site here. The deal paves the way for AvalonBay to move forward on its plans to develop the first two luxury residential buildings at the development, which will contain more than 200 rental residences.

“Today’s announcement is a milestone achievement in furthering the realization of this significant community, which is a model of smart growth, sustainable development and one of the few projects moving forward in the current market,” Ralph Zucker, president of Somerset Development, master developer of Wesmont Station, tells GlobeSt.com. “We designed Wesmont Station to address the demand that exists for walkable, transit oriented, mixed-use communities, and purposely planned to begin development with the rental portion of the project, as the rental market has proven to be the first segment of the market to recover.” Both Somerset and AvalonBay declined to disclose the purchase price. 

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