Monday, August 13, 2012

HFF closes $12.4 million sale of three-property multi-housing portfolio in NJ

FLORHAM PARK, NJ – HFF announced today that it has closed the sale of a three-property, 89-unit multi-housing portfolio located in New Jersey.

HFF marketed the properties on behalf of the seller, AIG Global Investment Group.  Vantage Properties, LLC’s affiliate, Candlebrook Properties purchased the offering for $12.4 million. 

The properties average 95 percent occupancy overall and are located within Middlesex, Bergen and Essex Counties.  The individual properties are Highland Gardens in Highland Park, Karl Place Apartments in Garfield and Stephens Street Apartments in Belleville, New Jersey.

The HFF team representing AIG was led by senior managing directors Jose Cruz and Andrew Scandalios (middle left photo) along with managing directors Kevin O’Hearn (lower right photo) and Jeff Julien and associate director Michael Oliver.

 This is the fourth multi-housing portfolio HFF has closed for AIG, which now totals approximately 2,600 units in an 18-month period.

“This transaction is the second group of assets from AIG that Vantage has purchased and the firm has performed exceptionally well during the process.  Vantage has continued to show their ability to consummate transactions in a difficult economic environment,” stated Cruz. 

AIG Investments comprises a group of international companies, which provide investment advice and market asset management products and services to clients around the world. AIG Investments is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity and real estate.

Founded in 2005, Vantage Properties, LLC is one of the leading investors in New York residential and retail properties.  The principals of Vantage are Neil Rubler and Devin Aronstam.

JOSE R. CRUZ                                              
HFF Senior Managing Director                    
(973) 549-2000                                                                                  
HFF Associate Director, Marketing
(713) 852-3500

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