AvalonBay Sells 226-Unit Avalon Hackensack Multifamily For $86M In Hackensack

The multifamily asset located at 414 Hackensack Avenue in Hackensack, N.J., was sold for $86 million. The property consists of 226 units, equating to a price per unit of $380,531. Situated near Riverside Square Mall and major transit routes, the 96% leased complex boasts amenities like a pool, fitness center, and garage parking.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $86,000,000
• Address: 414 Hackensack Avenue
• Market: Hackensack
• Seller: Benjamin Schall - AvalonBay Communities Inc.
• Brokers: Austin Pierce, Elizabeth DeVesty, Jose Cruz, Mike Oliver & Steve Simonelli - JLL
• Units: 226
• PPU: $380,531

AvalonBay Communities Inc., the seller of the Avalon Hackensack apartment property, entrusted the sale to the brokerage team at JLL, comprising Austin Pierce, Elizabeth DeVesty, Jose Cruz, Mike Oliver, and Steve Simonelli. This successful transaction underscores the collaboration of key individuals and firms in the real estate market, culminating in the $86 million deal.