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Avalon Communities sells community in Lawrenceville

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Avalon Run east in Lawrenceville.
Avalon Run east in Lawrenceville. - ()

A joint venture between Rockpoint Group and The Brooksville Company recently purchased AvalonBay Communities, Avalon Run East in Lawrenceville, brokerage firm HFF recently announced.

The brokerage’s senior managing director Jose Cruz, Kevin O’Hearn and senior managing directors Michael Oliver and Stephen Simonelli represented the seller in the transaction.

Avalon Run East, located at 100 Avalon Bay Drive, Lawrenceville, is located one mile from Route 1 and encompasses 16 three-story buildings on 69 acres.

“Multifamily continues to draw a significant amount of interest from the investment community,” Cruz said. “A well-located asset like Run East was highly sought after by investors.”

The community consists of a mix of one-, two- and three-bedroom apartments averaging 1,094 square feet, a 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,” HFF said in a news release. “Community amenities include a heated outdoor pool, tennis courts, playground, picnic and grilling areas, fully equipped fitness center, indoor basketball court and resident lounge.”

Financial terms for the transaction were not disclosed.

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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