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| Jose Cruz |
HUNTERDON COUNY, NJ – HFF announced today that it has closed
the sale of Presidential Place, a 150-unit, Class A multi-housing
community in Lebanon, New Jersey.
HFF
arranged the sale in an off market transaction between Pizzo & Pizzo
(seller) and Eagle Rock Multi-Family Property Fund (buyer) for $38 million or
$253,000 per unit.
Completed in 2011, Presidential Place is a luxurious community that
features six-buildings with one-, two- and three-bedroom units that are 95
percent leased.
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| Mark Thomson |
Community amenities
include a clubhouse with fitness center and swimming pool. The property is located at 710 Presidential
Drive about 45 miles west of New York City in Lebanon, New Jersey. The property has visibility from Interstate
78 with convenient access to Interstate 287 as well as Routes 202/206, 31 and
22.
The
HFF investment sales team was led by senior managing directors Zac Pierce
and Mark Thomson of HFF Philadelphia in collaboration with Jose Cruz of
HFF’s New Jersey office.
“Eaglerock was a pleasure to work with and seamlessly
executed this transaction in spite of a few challenges,” said Pierce. “Each party achieved their desired result as
Pizzo & Pizzo were able to sell an outlier property out of their portfolio,
and Eaglerock was able to acquire the highest quality asset in the
market.”
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| Presidential Place, Lebanon, NJ |
Pizzo & Pizzo is a New Jersey-based developer with a
long tradition of building high quality assets in New Jersey and Pennsylvania
with exceptional unit finishes and best in class amenity packages which is true
for Presidential Place.
UOB Eagle Rock Multifamily Property Fund LP (the “Fund”) is
a real estate private equity fund developed to make investments in U.S.
suburban multi-family housing communities.
The Fund will focus on the New York metropolitan region, as well as communities
along the densely populated Northeastern corridor of the United States, namely
from Boston to Washington D.C.
For a complete copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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