Avalon at Edgewater 100 River Mews Lane in Edgewater — Courtesy: JLL
By Joshua Burd
Avalon at Edgewater is on the market for sale, giving investors a chance to own more than 400 luxury apartments and a well-known piece of New Jersey’s Gold Coast.
Brokers with JLL have listed the two-building property, which is 94 percent leased overall but “presents a strong opportunity for a renovation program” through unit upgrades and enhancements to common areas and amenities, the firm said. That figures to boost the appeal of a site that has views of Manhattan and quick access to mass transit, benefiting from its location just off River Road and minutes from Manhattan.
JLL’s Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty, Austin Piece and CJ Anania lead the marketing team for the 408-unit complex at 100 River Mews Lane. That includes 168 homes in the property’s first phase, which was built in 2002, while the remaining 240 units opened in 2018.
Collectively, the buildings have a mix of floorplans ranging from studios to three-bedrooms and amenities such as a fitness center, a children’s playroom, a fully equipped kitchen and multiple courtyards, according to the marketing materials. Renters, meantime, are minutes from New York Waterway ferry service, NJ Transit bus services and the George Washington Bridge, while they have direct access a robust retail corridor that includes Whole Foods, Trader Joe’s and a host of dining and entertainment options.
JLL added that in-place rents average $3,834 per month, representing a roughly 44 percent discount to the cost of home ownership in the borough. Avalon at Edgewater also benefits from the municipality’s strong demographics, including an average household income of more than $190,000.
