AvalonBay Communities sells Wood-Ridge multi-housing community $161.5M

NewPoint Closes Provides $112.4M in Freddie Mac Financing Loan for the Acquisition of Avalon at Wesmont Station

NewPoint Real Estate Capital (“NewPoint”) has provided a $112.4 million Freddie Mac loan to facilitate the acquisition of Avalon at Wesmont Station, a 406-unit multifamily community located in Wood Ridge, New Jersey. The property was acquired by JMC Living and will be rebranded as ‘Volair Wesmont’. NewPoint Vice President of Originations, Ryan Koehler, arranged the […] The post NewPoint Closes Provides $112.4M in Freddie Mac Financing Loan for t…

Wood-Ridge apartments rebrand following $161M deal

Bergen County continues to attract multi-housing investors, underscored by the recent Wood-Ridge transaction involving a collection of 406 AvalonBay apartments built in 2012 and 2013. JLL Capital Markets announced the $161.5 million sale of Avalon Wesmont Station April 18. The firm represented the seller, Virginia-based AvalonBay Communities. JLL identified Cammeby’s International as the buyer. JCMLiving, an affiliate of Cammeby’s International,…

AvalonBay Communities sells Wood-Ridge multi-housing community $161.5M

AvalonBay Communities, a publicly traded real estate investment trust, sold Avalon Wesmont Station, a 406-unit multi-housing community located in Wood-Ridge, for $161.5 million. JLL Capital Markets represented Arlington County, Va.-based AvalonBay.  The buyer was Cammeby’s International Group, a privately held real estate company run by Rubin Schron, one of New York City’s largest residential landlords. In 2013, he made an unsolicited offer of $…