May 20, 2020
JLL Capital Markets closed the sale of Avalon Tinton Falls, a 216-unit, Class A garden-style apartment property in the Monmouth County community of Tinton Falls, NJ.
The team of Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli, Mark Mahasky and J.B. Bruno marketed the property on behalf of multifamily REIT AvalonBay Communities. A private investor purchased the asset free and clear of existing financing.
Deal terms weren’t disclosed. In the first quarter, the REIT traded the 250-unit Avalon Shelton in Shelton, CT for $64,750,000.
Completed in 2008, Avalon Tinton Falls is located near affluent beach communities, including Spring Lake, Sea Girt and Avon-by-the-Sea, and more than 3.3 million square feet of Class A corporate office parks within a 10-mile radius.
“Multifamily continues to be a safe haven for investment capital in the suburban New York area, given all the challenges that the markets are currently facing,” said Cruz.
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