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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| Michael Oliver |
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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