October 31, 2016
BlueGate Sells Avalon at Freehold, An Exceptional Monmouth County, New Jersey Multifamily Community for $68,000,000
BlueGate Partners, LLC (“BlueGate”) is pleased to announce the successful sale of Avalon at Freehold, a luxury garden-style apartment community containing 296 apartment homes located in Freehold Township, New Jersey (the “Property”). Completed in 2002, the Property contains one-, two-, and three-bedroom layouts throughout twenty, two-story buildings, in addition to a resident clubhouse. The Property’s twenty unique floor plans feature dining rooms, in-unit washer/dryers, spacious walk-in closets, and private balconies or patios. Apartments range in size from 750 to 1,322 square feet, with an average size of 1,072 square feet, and select apartment homes feature desirable loft layouts and/or fireplaces.
Set in a tranquil suburban setting, this quaint community is less than 25 minutes from the Atlantic Ocean and one hour from both New York City and Philadelphia, offering residents access to the employment, lifestyles and attractions of two distinct major metropolitan areas.
Representing the seller, AvalonBay Communities, BlueGate sold the Property to Eagle Rock Properties for a total of $68,000,000.
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.