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| Sterling Parc, Cedar Knolls, NJ |
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| Jose Cruz |
FLORHAM PARK, NJ, June 22,
2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed
the $91 million sale of Sterling Parc,
a 316-unit, Class A, garden-style, multi-housing community in Cedar Knolls, New
Jersey.
HFF marketed the property
exclusively on behalf of the seller, Invesco Real Estate (Invesco). Cornerstone Real Estate Advisers, one of the
largest global real estate investment advisers, purchased the asset on behalf
of an institutional client. HFF
previously brokered the sale of the property to Invesco in 2007.
Sterling Parc is situated
on a park-like 22.5-acre site within ten minutes of downtown Morristown in New
Jersey’s affluent Morris County.
The property, built in two
phases in 1988 and 2001, encompasses 27 buildings, which house 252 market-rate
apartments, 56 age- and income-restricted apartments and eight
income-restricted apartments across a mix of one-, two- and three-bedroom floor
plans.
Just over 50 percent of
the market rate units have been renovated to a higher-finish level. Units feature open kitchens, full-size
washers and dryers, oversized walk-in closets, nine-foot ceilings and direct
access garages.
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| Kevin O'Hearn |
Community amenities include a central
clubhouse with an outdoor swimming pool, patio, grilling area, fitness center,
business center and community room with full-size kitchen. The property is 96 percent leased.
The HFF investment sales
team representing Invesco was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval.
“This transaction
continues to exemplify the high demand for well-located multifamily in the New
Jersey suburban markets,” Cruz said. “We
had great activity and a very competitive process,” stated Cruz.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
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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