Written by Joshua Bird
A developer is looking to sell a 406-unit luxury apartment complex in Woodridge, offering potential buyers the chance to own a portion of the landmark Wesmont Station site.
JLL brokers are marketing the asset at 100 Rosie Square as a value-add opportunity in a location where only 10 per cent of the original units have been upgraded in the past decade. The complex offers a variety of floor plans ranging from studios to three-bedroom units averaging 959 square feet, as well as amenities such as a pool, sundeck with grill, resident club room with workstations, and an upscale fitness center. I am.
JLL’s Jose Cruz, Steve Simonelli, Mike Oliver, Elizabeth Devesti, Austin Pearce and Luke Ceccoli are spearheading the proposal, with JLL’s Gerald Quinn serving as financing advisor. Take office.
“Avalon at Wesmont Station offers investors a unique opportunity to acquire a well-managed cash-flowing asset while also being able to take advantage of the upside through continued upgrades to the apartments and common areas.” JLL writes in its recruitment materials.
The team said the property, built in 2012 and 2013, is owned and maintained by the organization and will include 17,945 square feet of ground floor space that will be home to Dunkin’, Phoenix Salon Suites, Dogtopia and Wesmont Liquors. It will include retail space. It also benefits from a Tax Alternative Payment Agreement with a remaining term of approximately 18 years, as well as a location approximately one mile from Route 17 and minutes from other major highways.
The complex is a major part of the master-planned 150-acre Wesmont Station development, which has repurposed the former Curtiss-Wright aircraft factory for nearly two decades under a project now known as “Inspired by Somerset Development.” . The company is working with multiple developers and government agencies to build the property, which includes a new train station along the New Jersey Transit Authority’s Bergen County line.
The average household income within a one-mile radius of the property is $136,027 and the average household value is $572,973, further supporting rental demand in the market, according to JLL. Major employers nearby include Teterboro Airport, Quest Diagnostics, Hackensack University Medical Center, Fairleigh Dickinson University, and Bergen County Community College.
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