100 Rosie Square in Wood-Ridge — Courtesy: JLL
By Joshua Burd
A developer is looking to sell a 406-unit luxury apartment complex in Wood-Ridge, providing would-be buyers with a chance to own part of the landmark Wesmont Station property.
Brokers with JLL are marketing the asset, located at 100 Rosie Square, touting it as a value-add opportunity at a location in which only 10 percent of the original units have been upgraded over the past decade. The complex includes a mix of floorplans ranging from studios to three-bedroom units averaging 959 square feet, plus amenities such as a pool, a sundeck with grills, a resident clubroom with workstations and a high-end fitness center.
JLL’s Jose Cruz, Steve Simonelli, Mike Oliver, Elizabeth DeVesty, Austin Pierce and Luke Ceccoli are spearheading the offering, with the firm’s Gerard Quinn available for financing advisory.
“Avalon at Wesmont Station offers investors the unique opportunity to acquire a well-maintained, cash-flowing asset, while also being able to capitalize on upside through the continuation of apartment and common area upgrades,” JLL wrote in its offering materials.
The team said the property, built in 2012 and 2013, has been institutionally owned and maintained and includes 17,945 square feet of ground-floor retail space that is home to Dunkin’, Phenix Salon Suites, Dogtopia and Wesmont Liquors. It also benefits from a payment in lieu of taxes agreement with roughly 18 years of remaining term, plus a location roughly a mile from Route 17 and minutes from other major highways.
The complex is a major piece of the master-planned, 150-acre Wesmont Station development, which repurposed a former Curtiss-Wright aircraft plant over nearly two decades, under a project by what’s now known as Inspired by Somerset Development. The firm has teamed with several developers and government agencies to build out the property, which includes a newly built train station along NJ Transit’s Bergen County line.
The average household income within a one-mile radius of the property is $136,027 with an average household value of $572,973, further supporting rental demand in the market, JLL said. Major employers nearby include Teterboro Airport, Quest Diagnostics, Hackensack University Medical Center, Fairleigh Dickinson University and Bergen County Community College.
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