Done Deals: HFF closes $19 million sale of northern New Jersey multi-housing community

Thursday, March 28, 2013

HFF closes $19 million sale of northern New Jersey multi-housing community

Constantine Village Apartments
Summit, NJ

FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Constantine Village, a 100-unit apartment complex located in Summit, New Jersey.

HFF marketed the property on behalf of the seller, AIG Global Investment Group. Constantine CXII, LLC purchased the asset for $19 million including the in place debt.

Kevin O'Hearn

Constantine Village, situated along Constantine Place and Risk Avenue in the northern New Jersey city of Summit, is within walking distance of the New Providence train station and a King’s supermarket.

Jose Cruz

The property is located 22 miles west of Manhattan and has easy access to Route 24 and Interstate 78. Constantine Village is comprised of nine buildings with two-bedroom units including several large townhomes with private garages.

The property, built in two phases in the early 1950’s and late 1970’s, is 96 percent leased.

Andrew Scandalios

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien, as well as associate director Michael Oliver.

According to Cruz, “This was a unique opportunity to purchase a high-quality garden apartment complex in one of the most desirable towns in the entire suburban New York region.

Jeffrey Julien

“Furthermore, the property offers the ability to increase yields through unit renovations.”

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.