Avalon Somerset at 500 Bristol Blvd. in Somerset — Courtesy: JLL
By Joshua Burd
AvalonBay Communities Inc. has sold a 384-unit luxury multifamily complex in the Somerset section of Franklin, under a newly announced transaction by JLL.
Brokers with the firm represented AvalonBay, a real estate investment trust, in its disposition of Avalon Somerset at 500 Bristol Blvd. A joint venture of Harbor Group International and Azure Partners purchased the collection of studio, one-, two- and three-bedroom apartments and townhomes for an undisclosed price.
“There was significant activity for this well located, core-plus multi-housing deal by both intuitional and private investors given the potential upside in the transaction,” said JLL’s Jose Cruz, who closed the deal alongside Michael Oliver, Steve Simonelli, Kevin O’Hearn and Nicholas Stefans.
Built in 2013, Avalon Somerset totals 12 three-story buildings, one four-story building and a one-and-a-half story clubhouse, according to a news release. The property features amenities such as a fitness center, an outdoor swimming pool with a sundeck and grilling area, a residents’ lounge and a children’s playground.
The community also has 468 covered and surface parking spaces for residents, JLL said, while touting its proximity to employment hubs such as Metropark, Bridgewater, Princeton and New Brunswick. The site also provides access to major roadways, including Interstate 287, routes 27 and 1 and the New Jersey Turnpike.
A source familiar with the transaction said the sale price was close to $108 million.
