Avalon Watchung, featuring 334 high-end garden apartments, sits along Route 22 in Somerset County.
By Joshua Burd
Brokers with HFF have been hired to sell a high-end, 334-unit apartment community in Somerset County.
The firm said the property, Avalon Watchung, sits at One Crystal Ridge Drive with a footprint that spans Watchung and North Plainfield. The nearly 25-acre community was built in 2003 and is made up of 15 three-story buildings and a clubhouse, featuring a mix of one-, two- and three-bedroom apartments.
It was 95 percent occupied at the time of the offering, HFF said.
In its offering materials, HFF touted the property’s location on Route 22 and proximity to Interstate 78, train stations in two neighboring towns and the Watchung Hills Mall. The firm also noted that the average household income for the surrounding renter base is $173,514.
The HFF marketing team is being led by Jose Cruz, Michael Oliver, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Jordan Avanzato.
“With its exceptional amenity package and convenient location, the property attracts a diverse resident base comprised of young professionals, families and seniors,” HFF wrote. “Avalon Watchung is well positioned within the market to capture substantial rental increases from amenity upgrades as well as interior apartment renovations.
“Taking advantage of the existing open floorplans and large average size, there is an opportunity to upgrade kitchens and bathrooms to enhance investment returns.”
Amenities include a clubhouse with an 8,450-square-foot fitness center, indoor and outdoor basketball court, resident lounge with media and business centers and swimming and wading pools.
