Avalon Run East at 100 Avalon Bay Drive in Lawrenceville — Courtesy: HFF
By Joshua Burd
AvalonBay Communities Inc. has sold a 312-unit apartment complex in Lawrenceville for nearly $90 million, marking the developer’s second sale of a New Jersey property in recent weeks.
Brokerage firm HFF announced Tuesday that it brokered the sale of the property to a joint venture of Rockpoint Group LLC and The Brooksville Co. Known as Avalon Run East, the garden apartment community at 100 Avalon Bay Drive is less than a mile from Route 1.
The HFF team of Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli marketed the complex on behalf of AvalonBay, an Arlington, Virginia-based real estate investment trust.
“Multifamily continues to draw a significant amount of interest from the investment community,” Cruz said. “A well-located asset like Run East was highly sought after by investors.”
The firms did not disclose the sale price, but said Rockpoint Group and Brooksville purchased the property free and clear of existing debt. A source familiar with the deal said the property traded for around $88 million.
Located in the Princeton submarket, Avalon Run East encompasses 16 three-story buildings on 69 acres, HFF said. The complex includes a mix of one-, two- and three-bedroom units averaging 1,094 square feet, more than a third of which are townhomes and loft apartments.
Residences feature gas fireplaces, direct access to personal garages, patios and balconies, in-unit washers and dryers, individual alarm systems and walk-in closets, according to a news release. Community amenities include a heated outdoor pool, tennis courts, playground, picnic and grilling areas, fully equipped fitness center, indoor basketball court and resident lounge.
Rockpoint Group is a real estate private equity firm headquartered in Boston, HFF said, while Brooksville is an investment and management firm that specializes in multifamily properties throughout the New York City metro area.
The transaction follows AvalonBay’s recent sale of Avalon Watchung, a 334-unit community in Somerset County that was also marketed by HFF earlier this year. The property also commanded a price of around $90 million.
