Wednesday, June 22, 2016

HFF closes $91 million sale of 316-unit luxury multi-housing community in Cedar Knolls, NJ

Sterling Parc, Cedar Knolls, NJ

Jose Cruz
FLORHAM PARK, NJ, June 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $91 million sale of Sterling Parc, a 316-unit, Class A, garden-style, multi-housing community in Cedar Knolls, New Jersey.

HFF marketed the property exclusively on behalf of the seller, Invesco Real Estate (Invesco).  Cornerstone Real Estate Advisers, one of the largest global real estate investment advisers, purchased the asset on behalf of an institutional client.  HFF previously brokered the sale of the property to Invesco in 2007.

Sterling Parc is situated on a park-like 22.5-acre site within ten minutes of downtown Morristown in New Jersey’s affluent Morris County.

The property, built in two phases in 1988 and 2001, encompasses 27 buildings, which house 252 market-rate apartments, 56 age- and income-restricted apartments and eight income-restricted apartments across a mix of one-, two- and three-bedroom floor plans. 

Just over 50 percent of the market rate units have been renovated to a higher-finish level.  Units feature open kitchens, full-size washers and dryers, oversized walk-in closets, nine-foot ceilings and direct access garages.

Kevin O'Hearn
 Community amenities include a central clubhouse with an outdoor swimming pool, patio, grilling area, fitness center, business center and community room with full-size kitchen.  The property is 96 percent leased.

The HFF investment sales team representing Invesco was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval.

“This transaction continues to exemplify the high demand for well-located multifamily in the New Jersey suburban markets,” Cruz said.  “We had great activity and a very competitive process,” stated Cruz.  

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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