Avalon Tinton Falls at 100 Autumn Drive in Tinton Falls — Courtesy: JLL
By Joshua Burd
AvalonBay Communities Inc. has sold a 216-unit apartment complex in Monmouth County, brokers with JLL announced Tuesday after marketing the property.
In a news release, JLL said a private buyer acquired the community at 100 Autumn Drive in Tinton Falls free and clear of existing financing. Completed in 2008, Avalon Tinton Falls is less than a mile from the Garden State Parkway and offers a mix of high-end apartments and amenities.
Terms were not disclosed.
“Multifamily continues to be a safe haven for investment capital in the suburban New York area given all the challenges that the markets are currently facing,” said JLL’s Jose Cruz, who represented the seller alongside Michael Oliver, Kevin O’Hearn, Steve Simonelli, Mark Mahasky and J.B. Bruno.
JLL announced the deal while touting the site’s proximity to affluent beach communities, including Spring Lake, Sea Girt and Avon-by-the-Sea, and more than 3.3 million square feet of Class A corporate office parks within a 10-mile radius. Amenities include a clubhouse with a modern fitness center, swimming pool with sundeck, playground, lounge and dog park.