Florham Park-based Holliday Fenoglio Fowler, L.P. (HFF) announced that 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.
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.”Related Articles: