JLL Capital Markets said Tuesday it closed the sale of Avalon Tinton Falls, a 216-unit, Class A garden-style apartment property, to a private investor, which it marketed exclusively on behalf of the seller, AvalonBay Communities Inc.
Avalon Tinton Falls is situated on 35 acres at 100 Autumn Drive in Tinton Falls, less than 1 mile from Exit 100B of the Garden State Parkway. The Monmouth County community is also near 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.
Completed in 2008, the property has been maintained and features amenities including a clubhouse with a fitness center, swimming pool with sundeck, playground, car care center, lounge, grilling stations and dog park. Units include a mix of one-, two- and three-bedroom floor plans averaging 1,101 square feet. Apartments feature in-unit washers and dryers, private patios or balconies, crown molding and walk-in closets.
The JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli, Mark Mahasky and J.B. Bruno.
“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,” stated Cruz.