AvalonBay Fund wins bidding war for gated community.Cushman & Wakefield's Metropolitan Area Capital Markets Group has orchestrated the $58 million sale of Versailles at Aberdeen Station Aberdeen Station may refer to:
The AvalonBay Value Added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. Fund, L.P. purchased the newly constructed property from BlackRock. The gated, 290-unit complex includes six, four-story buildings containing market-rate one- and two-bedroom units. Completed in 2002 by JPI JPI Justice Policy Institute JPI Java Platform Interface JPI Japan Petroleum Institute JPI Joint Packaging Instrumentation JPI Jinnah Polytechnic Institute (Karachi, Pakistan) JPI Joint Packaging Instruction , the community features a spectacular 5,600 s/f clubhouse and amenities that include a fully equipped fitness center and outdoor heated swimming pool and Jacuzzi. "Versailles at Aberdeen Station is one of only a few luxury apartment properties in Central New Jersey, and its offering drew a great deal of interest from the investment community," said Jose Cruz Jose Luis Cruz (Cheo) can refer to different people:
"The aggressive bidding speaks to continued strong demand for quality multifamily product, especially properties that feature solid construction, impeccable upkeep and outstanding location." Versailles at Aberdeen Station sits on 17 acres just off Exit 117A of the Garden State Parkway The Garden State Parkway is a 172.4-mile (277-km) limited-access toll parkway that stretches the length of New Jersey from the New York state line at Montvale, New Jersey, to Cape May at the southern tip of the state. Its name refers to the state nickname, the "Garden State". and adjacent to the Aberdeen-Matawan train station, which provides convenient access into New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . "The offering provided the AvalonBay Value Added Fund L.P. a great opportunity to add a high-quality community to its investment portfolio," noted Andrew Merin, a Cushman & Wakefield vice chairman and head of the Metropolitan Area Capital Markets Group. "Current occupancy levels provide the opportunity for long-term net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. growth through the leasing of remaining vacant units, rent increases and expense reduction. "Additionally, given the strong demand and limited supply of luxury condominium communities in the surrounding area, it is primed for conversion to individual condominium units. Either way, it will prove to be an excellent investment move for AvalonBay." Metropolitan Area Capital Markets Group members David Bernhaut and Gary Gabriel also were involved in the sale. |
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