Regency Club Apartments Sale Closes
- Sep 19, 2011
Jackson, N.J.—In a $44 million deal announced recently, Regency Club Apartments in Jackson, N.J., sold to Gaia Real Estate Investments, LLC, and partners Phoenix Realty Group and Harel Insurance. The sale was marketed by Florham Park, NJ-based Holliday Fenoglio Fowler LP (HFF) on behalf of seller Morgan Management, LLC.
Regency Club Apartments, with 372 one- and two-bedroom units averaging 814 square feet in size, features 31 buildings and amenities that include a fitness center, swimming pool, playground and two tennis courts.
Its location near shore beaches, Rt. 9, Interstate 195 and the Garden State Parkway is among factors accounting for the fact the community is 94 percent leased. Its address is 330 South New Prospect Ave. in Jackson.
As the Garden State multifamily market grows more robust, Regency Club Apartments is an asset with considerable upside potential, says senior managing director Jose R. Cruz, who along with managing director Andrew G. Scandalios and directors Jeffrey Julien and Kevin O’Hearn and real estate analyst Michael Oliver represented Morgan Management, LLC in the sale. “The demand for multifamily product in New Jersey continues to grow, as this asset class provides a very safe haven for investors in these turbulent times,” Cruz adds. “The move from paper to hard assets like real estate is a trend that we expect to continue.”
Adds Scandalios: “The current rent growth that we are seeing in the suburban multifamily markets has drawn more investors to the sector, who are searching for better yields.”
Gaia Real Estate Holdings, LLC is an American integrated full-service investment, property management and brokerage company. Its headquarters are in New York City, and it has offices in New Jersey and Tel Aviv. Phoenix Realty Group is a national real estate investment manager and direct owner providing capital and expertise for the development and operation of rental and for-sale residential properties, low-income tax-credit housing and mixed-use and commercial projects in urban areas throughout the nation.
The buyers of Regency Club Apartments assumed existing financing on the property.
Operating from 19 offices across the country, HFF is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.