FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Red Lion Apartments (top left photo) and Cheswick Apartments (top right photo), two multi-housing properties totaling 231 units in Philadelphia, Pennsylvania.HFF marketed the offering on behalf of the seller, AIG Global Investment Group. The Galman Group purchased the assets for $16.147 million.
The properties are part of the second pool of assets HFF has marketed and sold for AIG Global Investment Group. In July 2011, HFF closed the $241.5 million sale of a 2,185-unit multi-housing portfolio in central New Jersey.
These assets are 94 percent leased overall. Individual property details are below:
Red Lion Apartments, Philadelphia, PA 120 Units
Cheswick Apartments, Philadelphia, PA 111 Units
The HFF team representing AIG Global Investment Group included senior managing directors Jose Cruz (middle left photo) and Andrew Scandalios (lower right photo), directors Jeffrey Julien and Kevin O’Hearn and associate director Mike Oliver.
“These are very good core plus properties in stable markets,” said Cruz. “The Galman Group will do very well with these properties over the long term.”
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.
The Galman Group owns and manages more than 6,000 apartment communities and condominiums in the Delaware Valley region.
Contacts:
JOSE R. CRUZ ANDREW G. SCANDALIOS
HFF Senior Managing Director HFF Senior Managing Director
(973) 549-2000 (212) 245-2425
KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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