Avalon Somerset at 500 Bristol Blvd. in the Somerset section of Franklin — Courtesy: JLL
By Joshua Burd
AvalonBay Communities Inc. is seeking a buyer for a 384-unit apartment complex in the Somerset section of Franklin, in a newly announced offering by JLL.
The community, Avalon Somerset, is a 42-acre property at 500 Bristol Blvd. that reportedly could fetch more than $110 million. JLL’s Morristown-based capital markets team is pitching the complex as a value-add opportunity for an investor, noting that its apartment interiors are in good condition but are original to the property’s construction in 2012.
The garden-style community is 96 percent leased.
“Within a three-mile radius of the property the average multifamily complex was built in 1989, with limited supply of institutional product,” JLL wrote in its offering materials, noting that all of Somerset County has just 14 institutional Class A multifamily properties.
“There have only been three Class A institutional multifamily sales in Somerset County over the last five years, illustrating the rare opportunity to acquire a property like Avalon Somerset.”
Located four miles from downtown New Brunswick, Avalon Somerset has floorplans ranging from studios to three-bedroom units, JLL said. The property has an average in-place monthly rent of $2,011, which is roughly 20 percent of the average household income within a three-mile radius, providing the opportunity to increase rents.
The brokerage team also highlighted amenities such as a standalone clubhouse, a fitness center and pool with sundeck, which serve the collection of 12 three-story buildings and one four-story building.
Meantime, JLL cited the site’s proximity to several large regional employment centers and major highways such as Interstate 287.
The JLL marketing team includes Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Nicholas Stefans, while Matthew Pizzolato is overseeing financing.