JCMLiving Buys Metro NYC Luxury Asset

JCMLiving has purchased Avalon at Wesmont Station, a 406-unit luxury asset in Wood-Ridge, N.J. The former owner was AvalonBay Communities Inc., according to Yardi Matrix information. Following the acquisition, the buyer rebranded the property as Volair Wesmont.

The community came online in 2013 at 100 Rosie Square, some 16 miles northwest of downtown New York City. The four-story building has studio and one- to three-bedroom layouts ranging from 600 to 1,897 square feet. Shared amenities include a swimming pool with sundeck, fitness center, work pods, barbecue courtyard and parking garage. The property also features 18,000 square feet of ground-floor retail space. 

The community is adjacent to JCMLiving’s Rosera Wesmont, another luxury property that broke ground in 2023 and opened its doors to residents last month. Rosera is the last phase of the 150-acre master-planned Wesmont Station project that debuted more than two decades ago, aiming to repurpose the Curtis-Wright aircraft plant site dating back to 1929.

As of last month, the national average advertised asking rent increased by $5 to $1,755, indicating a 1.0 percent increase year-over-year, a Yardi Matrix multifamily report shows. New York City’s rents increased by 5.5 percent since the previous year, marking the strongest growth across all markets.