Avalon Run East in Lawrenceville is made up of 16 three-story buildings. — Courtesy: HFF
By Joshua Burd
The owner of a 312-unit, Princeton-area apartment community has hired HFF to sell the property.
The brokerage firm said it has been retained exclusively to arrange the sale of Avalon Run East, located at 100 Avalon Bay Drive in Lawrenceville. Built in 2003, the property encompasses 16 three-story buildings on 69 acres of land, with a location next to Princeton and access to the affluent borough’s downtown and Princeton University.
Avalon Run East also sits less than one mile from Route 1, HFF said in an offering memorandum. The 96 percent-leased property features amenities such as a modern fitness center, indoor basketball court, residents lounge and outdoor heated swimming pool, with apartments ranging from one- to three-bedroom units.
Average in-place rent is $1,923, HFF said.
“While the property’s apartment interiors are in excellent condition, there is an opportunity to upgrade kitchens and bathrooms to enhance investment returns,” brokers with HFF wrote. “Avalon Run East represents a compelling opportunity to acquire a well located Class A apartment community with stable cash flow and potential upside.”
HFF said Avalon Run East appeals to a primary resident base of young professionals employed among the Princeton area’s many corporate and biomedical business campuses. The average household income within a five-mile radius is $132,967 annually, a rate that is influenced by the finance and pharmaceutical sectors that dominate the employment base along Route 1.
Many of the community’s apartments have direct access to large personal garages and a patio or balcony, HFF said. All apartments are equipped with in-unit washer/dryers, individual alarm systems and walk-in closets.
The HFF team overseeing the effort is led by Senior Managing Director Jose Cruz, Director
Michael Oliver, Managing Director Kevin O’Hearn, Senior Managing Director Andrew Scandalios, Director Stephen Simonelli and Associate Director Analyst Grace Braverman.