AvalonBay Buys N.J. Asset for $63M

AvalonBay buys a 334-unit community in central New Jersey; ARA brokers the sale of a site approved for a seniors housing development in Denver; and Meridian Capital negotiates financings in the New York metro area.

Windosr at Crystal Ridge

Watchung, N.J.—Avalon Bay Communities Inc. has purchased Windsor at Crystal Ridge, a 334-unit community located in central New Jersey. The property is situated on 25 acres in Watchung and Plainfield, N.J. It was acquired for $63 million from GID Investment Advisors LLC in a transaction facilitated by Holliday Fenoglio Fowler LP.

“This was a rare opportunity to purchase a newer Class A multi-housing complex in affluent Somerset County, which has a scarcity of Class A product and no construction pipeline for any competing properties to be built in the near future,” says Jose Cruz, senior managing director with HFF.

Units at the Windsor average 1,016 square feet in size. The development is currently 98 percent leased.

“GID took advantage of a fluid multifamily market in central New Jersey, and Avalon obtained a good complex with rental upside,” says Andrew Scandalios, senior managing director at HFF.

ARA Brokers prime Denver development site

15th & Little Raven

Denver—ARA has brokered the sale of a 2.19 acre infill site located at 1150 Little Raven Street & 2101 15th Street in downtown Denver. The site is zoned for seniors housing and was picked up by AEW Senior Housing Investors LP from seller The Balfour Cosmopolitan Club LLC.

“15th & Little Raven is arguably one of the best pieces of real estate downtown,” says Chris Cavan, principal, ARA Colorado.

The parcel was one of the few remaining raw multifamily sites zoned for seniors housing in downtown Denver. It is located in the Riverfront Park neighborhood, which received the 2011 ULI “Award for Excellence”. It is also adjacent to Commons Park, the largest green space in downtown Denver.

“Commons Park is the number one residential amenity in all of downtown Denver,” says ARA principal Steve O’Dell. “Not only is 15th & Little Raven across the park, but it is also just one block from Union Station and the 16th Street Mall shuttle creating a stellar transit-oriented development location.”

Meridian Capital negotiates financings in New York metro area

New York—Meridian Capital Group LLC announced the following transactions:

-Meridian negotiated a new mortgage in the amount of $33 million on a 93-unit, 13-story multifamily building on Hudson Street in Hoboken, N.J. The loan features a rate of 4.13 percent and a seven-year term. The transaction was negotiated by Russ Drebin and David Cohen.

-Three new mortgages totaling $8.3 million were placed by Meridian on a 59-unit, six-story multifamily building and two, 35-unit, four-story multifamily buildings, all located on Ocean Avenue in Brooklyn, N.Y. The loans feature rates of 3.50 percent and a 10-year terms. The transactions were negotiated by Avi Weinstock.

-Meridian negotiated a new mortgage in the amount of $5.5 million on a 29-unit, five-story mixed-use building on West 57th Street in New York. The loan features a rate of 3.63 percent and a five-year term. The transaction was negotiated by Scott Assouline and Jacob Nefoussi.

-A new mortgage of $3,500,000 was placed by Meridian on a 16-unit, five-story mixed-use building on Rivington Street in New York. The loan features a rate of 3.50 percent and a five-year term. The transaction was negotiated by Cary E. Pollack.

-Meridian negotiated a new mortgage in the amount of $2.5 million on a 28-unit, six-story multifamily building on Caton Avenue in Brooklyn. The loan features a rate of 3.75 percent and a 10-year term. The transaction was negotiated by Avi Weinstock and Josh Rhine.

-A new mortgage of $1.9 million was placed by Meridian on a 32-unit, five-story multifamily building on Morris Avenue in Bronx, N.Y. The loan features a rate of 3.88 percent and a five-year term. The transaction was negotiated by Zev Feder.