FLORHAM PARK, NJ – HFF announced that it has closed the sale of a six-property, 2,185-unit multi-housing portfolio in central New Jersey.HFF marketed the offering on behalf of the seller, AIG Global Investment Group. Angelo, Gordon & Company and Vantage Properties, LLC purchased the portfolio for $241.5 million. This sale included the assumption of $150 million of existing debt.
The portfolio is 91.6 percent occupied overall and properties are located within Monmouth and Middlesex counties. This is a diverse mix of well-located assets. Individual property details are below:
Property # of Units
Quail Ridge Apartments, Plainsboro 1,032 Units
Pheasant Hollow Apartments, Plainsboro 440 Units
Jumping Brook Apartments, Neptune 308 Units
Marine Gardens, Long Branch 24 Units
Long Brook Apartments, Matawan 241 Units
Leonardine Gardens, South River 140 Units
The HFF team representing AIG Global Investment Group included senior managing directors Jose Cruz (top right photo)and Andrew Scandalios (middle left photo), directors Jeffrey Julien and Kevin O’Hearn and senior real estate analyst Mike Oliver. In addition, senior managing director Jon Mikula (bottom right photo) and real estate analyst Sam Seiden provided support on the debt.
“This is one of the most significant sales in Northern New Jersey given the size of the portfolio,” said Cruz. “Acquiring a portfolio of this quality in premiere locations throughout the state rarely presents itself.”
He added “The seller took advantage of a strong multifamily market and Vantage and Angelo Gordon saw significant upside potential in the assets.”
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.
Angelo, Gordon & Company is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages approximately $24 billion.
Founded in 2005, Vantage Properties is one of the leading investors in New York residential and retail properties.
Contacts:
Jose R. Cruz, HFF Senior Managing Director, (973) 549-2000, jcruz@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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