FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Avalon Run East, a 312-unit, Class A garden-style apartment community in Lawrenceville, Mercer County, New Jersey.
The HFF team marketed the property exclusively on behalf of AvalonBay Communities, Inc. A joint venture between Rockpoint Group, L.L.C. and The Brooksville Company purchased the property free and clear of existing debt.
Avalon Run East is located at 100 Avalon Bay Drive within the Princeton submarket. Situated less than one mile from Route 1, the property encompasses 16 three-story buildings on 69 acres of land. Avalon Run East consists of a mix of one-, two- and three-bedroom units averaging 1,094 square feet, more than one-third of which are townhomes and loft apartments. Residences are equipped with gas fireplaces, direct access to personal garages, patios/balconies, in-unit washers and dryers, individual alarm systems and walk-in closets. Community amenities include a heated outdoor pool, tennis courts, playground, picnic and grilling areas, fully equipped fitness center, indoor basketball court and resident lounge.
The HFF investment advisory team representing the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Multifamily continues to draw a significant amount of interest from the investment community,” Cruz stated. “A well-located asset like Run East was highly sought after by investors.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
About AvalonBay Communities, Inc. AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States. These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country.
About Rockpoint Group, L.L.C. Rockpoint Group, L.L.C. (“Rockpoint”) is a real estate private equity firm and Registered Investment Adviser with its headquarters in Boston and with additional primary offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and focuses on select product types located primarily in major coastal markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint focuses on acquiring assets with intrinsic long-term value, at attractive prices relative to replacement cost and stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, the senior team with others has sponsored 13 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm. In total, they have raised approximately $19 billion in capital commitments and invested or committed to invest in over 395 transactions with a total peak capitalization in excess of $52 billion (inclusive of fund equity, co-investor equity and debt). For more information, visit www.rockpointgroup.com.
About The Brooksville Company: The Brooksville Company, founded by Andrew MacArthur, is a vertically integrated real estate investment and management firm. The firm invests in and manages multifamily properties throughout the New York City metro area. Brooksville specializes in maximizing the return of both stabilized and value-add properties through proactive involvement in asset strategy, property management, capital investment and dispositions. Prior to forming Brooksville, Andrew and his team oversaw the foreclosure, repositioning and subsequent sale of Stuyvesant Town and Peter Cooper Village for $5.45 billion. The Brooksville team has transacted on over $10 billion of multifamily assets in the New York City metro area. For more information, please visit www.brooksvillecompany.com.
About HFF: HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.