Harbor Group JV buys Avalon’s Somerset community in NJ


JLL Capital Markets announced that it has completed the sale
of the Avalon Somerset apartment community in Somerset, New Jersey.

 JLL worked on behalf
of the seller, AvalonBay Communities, Inc., to complete the sale to the buyer,
a joint venture between Harbor Group International and Azure Partners.

The brokerage team led by Jose Cruz, Michael Oliver, Steve
Simonelli, Kevin O’Hearn and Nicholas Stefans listed the 42-acre property at
500 Bristol Blvd. over the summer, noting that it could fetch as much as  $110 million. A sale price was not disclosed.

The luxury community is comprised of 384 studio, one-, two-
and three-bedroom apartments and townhomes. Built in 2013, the community totals
12 three-story buildings, one four-story building and a one-and-a-half story
clubhouse. The property has  a fitness
center, outdoor swimming pool with a sundeck and grilling area, residents’
lounge and children’s playground. Additionally, the community offers 468
covered and surface parking spaces for residents. 

“There was significant activity for this well located,
core-plus multi-housing deal by both intuitional and private investors given
the potential upside in the transaction,” according to Cruz.

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