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AvalonBay Sells Multifamily Property In Lawrenceville, NJ For $208M

Property Image
SOLD
$208,000,000
Josh Stein
Steve Simonelli
+ 1

New Jersey

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MultiFamily707,567 SF
Sold 11/16/2021
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Property Image
SOLD

AvalonBay Sells Multifamily Property In Lawrenceville, NJ For $208M

1000 Town Ct S, Lawrence Township, NJ, USA

See Similar Deals
MultiFamily707,567 SF
Sold 11/16/2021
Josh Stein
Steve Simonelli
+ 1
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$294
Total Square Footage:707,567 SF
Transaction Type:Sale

An apartment complex located at 1000 Town Ct S in Lawrenceville, NJ has been sold for a total of $208,000,000. The property, categorized as a multifamily asset, consists of 632 units with an average price per unit of $329,114. The total square footage of the complex is 707,567, resulting in an average price per square foot of $294. It is worth noting that the seller of the property was AvalonBay.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $208,000,000
  • Units: 632
  • Price per Unit: $329,114
  • Square Footage: 707,567
  • Price per Square Foot: $294
  • Seller: AvalonBay

The sale of this apartment complex was facilitated by the brokers Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O'Hearn, and Josh Stein from JLL. Their expertise and negotiation skills played a crucial role in the successful transaction.

Players

Jose Cruz
102 deals$7.9B volume(201) 240-7546
BROKER

Steve Simonelli
JLL
64 deals$4.9B volume
BROKER

Josh Stein
CBRE
13 deals$1.2B volume
BROKER

Michael Oliver
JLL
69 deals$4.3B volume
BROKER

AvalonBay Communities
SELLER

Details

SOLD
IMAGE: Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O'Hearn & Josh Stein DATE: 11/16/2021 ADDRESS: 1000 Town Ct S MARKET: Lawrenceville, NJ ASSET TYPE: Multifamily SELLER: AvalonBay BROKERS: Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O'Hearn & Josh Stein - JLL SALE PRICE: $208,000,000 UNITS: 632 ~ PPU: $329,114 SF: 707,567 ~ PPSF: $294

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$738,980.07
Cash-on-Cash Return-1.27%
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