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| The Crest at Fort Lee Apartments, Fort Lee, NJ |
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| 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.
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| 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.
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| 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.
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| 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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