Florham Park, N.J.—HFF has closed the sale of a 12-property apartment portfolio totaling 2,811 units in New Jersey, Pennsylvania and Delaware. HFF marketed the properties on behalf of the seller, AIG Global Real Estate Investment Corp.
An undisclosed buyer purchased the portfolio for about $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.
“We had a significant amount of interest on these assets, given their upside potential and the size of the portfolio,” said HFF senior managing director Jose Cruz. The HFF staff representing the seller was led by Cruz, along with senior managing directors Andrew Scandalios and Mark Thomson, managing director Kevin O’Hearn and associate directors Michael Oliver and Steve Simonelli.
The garden-style properties offer a mix of one-, two- and three-bedroom units averaging about 800 square feet in size. According to HFF, amenites vary by community, but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks.
Seven of the properties are located New Jersey; three in Pennsylvania; and two in Delaware. Several of them have undergone interior unit upgrades, with resulting increases in rents.