December 27, 2012
HFF Closes Sale of
Avalon at Aberdeen Station in Aberdeen
HFF closes the
sale of Avalon at Aberdeen Station,
a 290-unit, Class A multi-housing
community in Aberdeen.
HFF marketed the
property on behalf of the seller,
AvalonBay Communities, Inc.
MFREVF Aberdeen Urban Renewal, LLC
purchased the asset for $66.25
million or $228,448 per unit.
Avalon at Aberdeen
Station is a transit-oriented
community located at 1000 Central
Avenue, adjacent to the
Aberdeen-Matawan train station and
situated along the Garden State
Parkway at exit 117.
Constructed in 2002, the four-story
property is 96 percent leased and
features one- and two-bedroom units
averaging 1,021 square feet each.
Community amenities include a
clubhouse, 24-hour fitness center,
media room, community room, business
center, outdoor heated swimming pool
with Jacuzzi, sundeck and barbecue
grills.
The HFF investment
sales team representing the seller
was led by senior managing directors
Jose Cruz and Andrew Scandalios,
managing directors Kevin O’Hearn and
Jeffrey Julien and associate
director Michael Oliver.
“With visibility
from the Garden State Parkway and
convenient access to a train station
providing access into New York City
and the New Jersey shore, Avalon at
Aberdeen’s location provides a
unique opportunity to the buyer,”
commented Cruz. “MFREVF
Aberdeen Urban Renewal, LLC
performed very well on their first
New Jersey acquisition.”
AvalonBay
Communities, Inc. is in the business
of developing, redeveloping,
acquiring and managing high-quality
apartment communities in the high
barrier-to-entry markets of the
United States. These markets
are located in the Northeast,
Mid-Atlantic, Midwest, Pacific
Northwest and Northern and Southern
California regions of the country.
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