FLORHAM PARK, NJ – HFF announced it has closed the sale of and arranged financing for a three-property, 126-unit multi-housing portfolio in Nutley, New Jersey.
HFF marketed the offering on behalf of the seller, AIG Global Investment Group. Balt Investments LLC purchased the assets for $15 million free and clear of debt.
The portfolio is 94 percent leased overall. The properties include Greylock Apartments, Lincoln Apartments and Ambassador Apartments.
The properties are the second pool of assets HFF has 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.
The HFF team representing AIG Global Investment Group included senior managing directors Jose Cruz (top right photo) and Andrew Scandalios (top left photo), directors Jeffrey Julien (middle right photo) and Kevin O’Hearn (middle left photo) and associate Mike Oliver.
HFF senior managing director Jon Mikula (bottom right photo) represented the borrower.
“The buyer was able to capitalize on an opportunity to purchase quality assets in Nutley with upside, where he already owned real estate so there are economics of scale,” said Cruz. “AIG obtained solid pricing and was able to take advantage of a strong demand for that submarket.” 
“The properties are well-positioned for an upgrade and will provide good long term growth,” added O’Hearn.
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.
Contacts:
JOSE R. CRUZ
HFF Senior Managing Director
(973) 549-2000
ANDREW G. SCANDALIOS
HFF Senior Managing Director
(212) 245-2425
KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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