JV Buys Stake in 632-Unit Asset
Rockpoint Group and The Brooksville Co. acquired Avalon Run East in Lawrence Township, N.J., from AvalonBay Communities.
By Tudor Scolca
A joint venture of Rockpoint Group and The Brooksville Co. purchased a stake in Avalon Run East, an apartment community in Lawrence Township, N.J., owned by AvalonBay Communities. The deal includes 312 units, acquired by the partnership free and clear of any debt.
Avalon Run East comprises 632 units in 16 three-story buildings. Constructed in 2004, the property offers a mix of one-, two- and three-bedroom units, with sizes ranging from 790 to 1,445 square feet. More than a third of them are townhomes and loft apartments. Common amenities include tennis courts, a heated swimming pool, children’s playground, indoor basketball court and a fitness center. According to Yardi Matrix, average monthly rent is $1,892.
The community is located at 100 Avalon Bay Drive in Lawrence Township, N.J., close to several shopping and dining options. The proximity to major thoroughfares puts the Philadelphia metro within reach, with Route 1 less than a mile away and interstates 295 and 95 three miles away. Downtown Trenton can be reached in 13 minutes and Philadelphia in 45 minutes. New York, via I-95, is situated about 55 miles from the property.
HFF marketed the property on behalf of AvalonBay Communities. Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, and Senior Directors Michael Oliver and Stephen Simonelli were part of the investment advisory team. “Multifamily continues to draw a significant amount of interest from the investment community. A well-located asset like Run East was highly sought after by investors,” Cruz said in a prepared statement.
Image courtesy of Yardi Matrix