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| Jose Cruz |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a
12-property apartment portfolio totaling 2,811 units located in New Jersey,
Pennsylvania and Delaware.
HFF marketed the offering
exclusively on behalf of the seller, AIG Global Real Estate Investment
Corp. An undisclosed buyer purchased the
portfolio for approximately $165.4 million free and clear of existing debt.
This transaction represents the largest
multi-housing sale of 2015 in New Jersey, according to Real Capital Analytics.
The well-leased,
garden-style communities offer a mix of one-, two- and three-bedroom units
averaging approximately 800 square feet in size.
Amenity packages vary by community but
include fitness centers, swimming pools, tennis courts, playgrounds and dog
parks.
Several of the properties have
undergone interior unit upgrades with proven rental premiums. Seven of the properties are located New
Jersey; three in Pennsylvania; and two in Delaware.
 |
| Andrew Scandalios |
The HFF investment sales
team representing the seller was led by senior managing directors Jose Cruz, Andrew Scandalios and Mark
Thomson, managing director Kevin
O’Hearn and associate directors Michael
Oliver and Steve Simonelli.
“We had a significant
amount of interest on these assets given their upside potential and given the
size of the portfolio,” stated Cruz.
“The buyer performed very well and on-time given the complexity of the
deal.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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