FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Windsor at Crystal Ridge (top left photo), a 334-unit, Class A multi-housing complex in Watchung and North Plainfield, New Jersey.
HFF represented the seller, GID Investment Advisors, LLC and procured the buyer, AvalonBay Communities, Inc. AvalonBay purchased the property for $63 million free and clear of existing debt.
Windsor at Crystal Ridge is located on nearly 25 acres at 1 Crystal Ridge Drive directly off Route 22 in Watchung and North Plainfield.
The property has 15 three-story buildings with one-, two- and three-bedroom units averaging 1,016 square feet each.
Community amenities include a clubhouse, fitness center, indoor basketball court, residents lounge, media center, business center, swimming and wading pools, two playgrounds and outdoor basketball and tennis courts. Windsor at Crystal Ridge is 98 percent leased.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz (middle right photo) and Andrew Scandalios (middle left photo), managing director Kevin O’Hearn (lower right photo), director Jeffrey Julien (lower left photo) and associate director Steve Simonelli (bottom right photo)
“This was a rare opportunity to purchase a newer Class A multi-housing complex in affluent Somerset County, which has a scarcity of Class A product and no construction pipeline for any competing properties to be built in the near future,” said Cruz.
“GID took advantage of a fluid multifamily market in central New Jersey, and Avalon obtained a good complex with rental upside,” added Scandalios.
GID is a privately held, globally diversified, and fully integrated real estate organization founded in 1960 that employs over 650 real estate professionals in multiple offices throughout the United States.
During its 51 year history the company has acquired or developed over 54,000 residential units and in excess of 13 million square feet of commercial space.
As of December 31, 2011, GID controls a real estate portfolio consisting of 107 properties located in 19 states, and totaling more than 35 million square feet comprised of over 22,000 residential units and more than 5.7 million square feet of commercial space. In addition, GID has more than 12 million square feet of fully entitled properties in its development pipeline.
AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States.
These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country.
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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