100 Rosie Square in Wood-Ridge — Courtesy: JLL
By Joshua Burd
Cammeby’s International has expanded its footprint in Wood-Ridge, acquiring a 406-unit apartment building in the Wesmont Station district for nearly $162 million.
Brokers with JLL represented the seller, noting that the property at 100 Rosie Square has a mix of floorplans ranging from studios to three-bedroom homes, high-end amenities and some 18,000 square feet of fully leased ground-floor retail space. It’s also adjacent to Rosera Wesmont, a new apartment building developed by Cammeby’s affiliate JCMLiving, giving the firm a major presence at the 150-acre Wesmont Station property.
JLL senior managing directors Jose Cruz, Steve Simonelli and Michael Oliver, along with directors Elizabeth DeVesty and Austin Pierce, arranged the $161.5 million transaction.
“The sale of Avalon Wesmont Station demonstrates the continued investor appetite for well-located, institutional-quality multi-housing assets in strong suburban markets near New York City,” Cruz said. “This property’s strategic location, coupled with its value-add potential through unit renovations, made it an attractive investment opportunity in today’s market.”
Built in 2012 and 2013, the property has amenities such as a swimming pool, a sundeck with grills, a resident clubroom with workstations, a modern fitness center and covered parking, according to a news release. Residents are 12 miles west of New York City, which they can access via highways including routes 3 and 17 and interstates 80 and 95, and a half-mile from a newly built train station along NJ Transit’s Bergen County line.
“Northern New Jersey continues to be a target market for investors nationally given the strong market fundamentals,” Simonelli said. “We want to thank our client and buyer for the flawless execution of this transaction.”
In a separate news release, JCMLiving said it has rebranded the property as Volair Wesmont.
“We see Wood-Ridge as one of the most promising neighborhoods in New Jersey, offering the perfect blend of suburban tranquility and urban accessibility just 30 minutes from New York City,” said Andrew Weissman, director of North Jersey at JCMLiving. “Our investment in Wood-Ridge reflects our confidence in the area’s growth and our commitment to providing modern, high-quality living spaces that meet the needs of today’s renters. We’re excited to contribute to Wood-Ridge’s continued revitalization and offer residents a community that combines convenience, quality and a forward-thinking lifestyle.”
JLL seeking buyer for 406-unit luxury rental property at Wood-Ridge’s Wesmont Station
