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| Oakwood Village Apartments, 77 Oakwood Village, Flanders, NJ |
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| Jose Cruz |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Oakwood Village, a 1,224-unit apartment
community located in Flanders, a northern New Jersey town located in southwestern
Morris County.
HFF marketed the offering
exclusively on behalf of the seller, AIG Global Real Estate Investment Corp.
(AIG). An undisclosed buyer purchased
the property for approximately $183.37 million free and clear of existing debt.
This transaction follows
the sale of a 12-property multi-housing portfolio that HFF closed on behalf of
AIG in December 2015.
According to HFF,
the total sale amount for the entire 13-property portfolio totals $348.8 million,
which represents one of the largest apartment sales in the Mid-Atlantic region
during the past year.
Oakwood Village is located
at 77 Oakwood Village along Route 206 in Morris County, approximately three and
a half miles south of Interstate 80 and close to the International Trade Center
commercial hub.
Situated on 166.62 acres,
the property has 107 two- and three-story residential buildings that house one-
and two-bedroom units averaging 823 square feet each. Community amenities include a swimming pool,
tennis court, multiple playgrounds, two dog parks and attached garage
parking. The property is 95 percent
leased.
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.
“There is significant
upside in Oakwood, and the buyer will be capitalizing on that,” Cruz said. “The proximity to the highway and easy access
to retail shops and restaurants make this asset very valuable.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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