HFF Closes on $66.25M Sale of N.J. Community

HFF has closed on the sale of Avalon at Aberdeen Station in Aberdeen, N.J., for $66.25 million on behalf of the seller, AvalonBay Communities Inc. MFREVF Aberdeen Urban Renewal LLC purchased the multifamily community.

Florham Park, N.J.—HFF has closed on the sale of Avalon at Aberdeen Station in Aberdeen, N.J., for $66.25 million on behalf of the seller, AvalonBay Communities Inc. MFREVF Aberdeen Urban Renewal LLC purchased the multifamily community.

Avalon at Aberdeen Station, a 290-unit, Class A property, is a four-story property. The community features one- and two-bedroom units, which average about 1,021 square feet.

The community is a transit-oriented property, located adjacent to the Aberdeen-Matawan train station. It is also convenient to exit 117 on the Garden State Parkway.

“With visibility from the Garden State Parkway and convenient access to a train station providing access into New York City and the New Jersey shore, Avalon at Aberdeen’s location provides a unique opportunity to the buyer,” according to Jose Cruz, senior managing director, HFF. “MFREVF Aberdeen Urban Renewal LLC performed very well on their first New Jersey acquisition.”

Amenities for the community include a clubhouse, 24-hour fitness center, media room, community room, business center, outdoor swimming pool with Jacuzzi, sundeck and barbecue grills.

Avalon at Aberdeen Station is currently 96 percent leased.