Avalon Watchung, featuring 334 high-end garden apartments, sits along Route 22 in Somerset County.
By Joshua Burd
A high-end apartment community in Somerset County is under new ownership, following the roughly $90 million sale of the property to a Manhattan-based operator.
Pantzer Properties has purchased the 334-unit complex at One Crystal Ridge Drive in Watchung from AvalonBay Communities Inc. According to Pantzer’s website, the former Avalon Watchung is now known as The Point at Watchung.
The property, which spans Watchung and North Plainfield, was 95 percent occupied at the time of the offering in May, according to brokers with HFF who marketed the property. The nearly 25-acre community was built in 2003 and is made up of 15 three-story buildings and a clubhouse, featuring a mix of one-, two- and three-bedroom apartments.
At the time, HFF touted the property’s location on Route 22 and proximity to Interstate 78, train stations in two neighboring towns and the Watchung Hills Mall. The firm also noted that the average household income for the surrounding renter base is $173,514.
HFF could not be reached for comment for this story. At the time of the offering, the firm said a prospective buyer would be “well-positioned within the market to capture substantial rental increases from amenity upgrades as well as interior apartment renovations.”
Amenities include a clubhouse with an 8,450-square-foot fitness center, basketball courts, resident lounge with media and business centers and swimming and wading pools.