FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Regency Club Apartments (top left photo), a 372-unit multi-housing community in Jackson, New Jersey.
HFF marketed the property on behalf of the seller, Morgan Management, LLC. Regency Club Apartments was purchased for $44 million by Gaia Real Estate Investments, LLC, who partnered with Phoenix Realty Group and Harel Insurance. The buyers assumed existing financing on the property.
Located at 330 South New Prospect Avenue, Regency Club Apartments is close to the shore beaches, Route 9, Interstate 195 and the Garden State Parkway in Jackson.
The property has 31 buildings with one- and two-bedroom units averaging 814 square feet each. Community amenities include a fitness center, swimming pool, playground and two tennis courts. Regency Club Apartments is 94 percent leased.
The HFF team representing Morgan Management, LLC included senior managing directors Jose Cruz (middle right photo) and Andrew Scandalios (lower left photo) and directors Jeffrey Julien and Kevin O’Hearn and real estate analyst Michael Oliver.
“GAIA has purchased an asset with upside as the multifamily market continues to improve,” said Cruz. “The demand for multifamily product in New Jersey continues to grow as this asset class provides a very safe haven for investors in these turbulent times. The move from paper to hard assets like real estate is a trend that we expect to continue.”
“The current rent growth that we are seeing in the suburban multifamily markets has drawn more investors to the sector who are searching for better yields,” added Scandalios.
With over 30 years in real estate, Morgan Management, LLC started in the manufactured homes market. Now the real estate portfolio includes RV resorts, residential apartment communities, self-storage
facilities and a large commercial portfolio.
Gaia Real Estate Holdings, LLC is an American integrated full-service investment, property management and brokerage company headquartered in New York with offices in New Jersey and Tel Aviv.
Contacts:
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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