New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

New York & Tri-State  + New Jersey  + Apartments  | 

AvalonBay Trades Monmouth County Apartments

JLL Capital Markets closed the sale of Avalon Tinton Falls, a 216-unit, Class A garden-style apartment property in the Monmouth County community of Tinton Falls, NJ.

The team of Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli, Mark Mahasky and J.B. Bruno marketed the property on behalf of multifamily REIT AvalonBay Communities. A private investor purchased the asset free and clear of existing financing.

Deal terms weren’t disclosed. In the first quarter, the REIT traded the 250-unit Avalon Shelton in Shelton, CT for $64,750,000.

Completed in 2008, Avalon Tinton Falls is located near 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.

“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 Cruz.


Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With JLL Capital Markets NJ

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).