Tuesday, December 23, 2014

HFF closes $120 million sale of The Crest at Fort Lee in Fort Lee, NJ


The Crest at Fort Lee Apartments, Fort Lee, NJ


Jose Cruz

FLORHAM PARK, NJ – HFF announced it has closed the $120 million sale of The Crest at Fort Lee, a 351-unit multi-housing community in Fort Lee, New Jersey.

HFF marketed the property on behalf of the seller, Capri Capital Partners, LLC.  Pantzer Properties purchased the asset for $120 million, or approximately $341,880 per unit, free and clear of any existing debt.

The Crest at Fort Lee is situated on 13.09 acres at 900 Crest Lane in eastern Bergen County and is minutes from the New Jersey Turnpike/George Washington Bridge as well as nearby shopping and dining. 

The gated property, built in 1999, is 96 percent leased and has a mixture of one-, two- and three-bedroom floor plans averaging 1,058 square feet each.  

The property consists of seven residential buildings that include garage parking, tenant storage, balconies and some renovated units.

Kevin O'Hearn
 Community amenities include a clubhouse with heated outdoor swimming pool, state-of-the-art fitness center, indoor basketball court, community room and business center.  The property also has a playground and grilling area.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, associate director Steve Simonelli and was supported by senior managing director Andrew Scandalios.

Hyland Levin LLP served as legal counsel for the buyer and Krawnow Saunders, Kaplan & Beninati LLP represented the seller.

“The buyer has an opportunity to add value to the property in a market that is seeing new development and higher rents,” stated Cruz.


Steve Simonelli
Capri Capital Partners, LLC is an SEC registered institutional real estate investment advisory firm, which has acquired or originated over $10 billion in commercial real estate investments since its founding in 1992.  

Capri offers a broad spectrum of real estate equity and debt products to its clients through separate account, commingled fund, and joint venture formats. 

Over its 21 year history, Capri has demonstrated experience investing in multifamily residential and urban investments.  Diversified assets managed on behalf of its pension fund and other institutional investors totaled $3.886 billion under management as of September 30, 2014. 

 Capri is headquartered in Chicago, with additional offices in Los Angeles and the New York area.

 For more information, visit the company’s website: www.capricapital.com.

Andrew Scandalios
Pantzer Properties, Inc. was founded in 1971 as a vehicle for private investment in undervalued real estate.  With approximately $2 billion in assets under management, the firm is the sponsor of the Panco Strategic Real Estate Funds, a series of opportunistic real estate funds focused on the multifamily sector.  

Headquartered in New York City with offices in Rochelle Park, New Jersey and Herndon, Virginia, the firm is a fully integrated owner/operator of institutional quality properties on the east coast of the United States.

 Since its inception, Pantzer Properties has been involved in more than $5 billion of real estate transactions. www.pantzerproperties.com





For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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