Plainsboro, N.J.—Holliday Fenoglio Fowler L.P. has closed the sale of Ravens Crest, a 704-unit Class A community located in Plainsboro, N.J. HFF marketed the property on behalf of the seller, Equity Residential. The property was picked up by an affiliate of Chicago-based Heitman LLC.
“Raven represents one of the top assets in the central New Jersey market and the sale represents one of the largest apartment transactions in New Jersey over the past two years,” says Jose Cruz, senior managing director at HFF. “Equity Residential timed this sale perfectly to coincide with a high demand for multi-housing in this market. The buyer will be able to capitalize on future rent growth over the next several years.”
Ravens Crest is located close to The New Jersey Turnpike and Princeton, N.J. The community features one- and two-bedroom units and amenities including a swimming pool and tennis court. The asset is currently 95 percent occupied.
Clarion Partners invests into 291-unit development
Raleigh, N.C.—Clarion Partners has entered into a joint venture with The Residential Group LLC to develop The Crest at Brier Creek, a 291-unit upscale apartment community in Raleigh, N.C. The investment into the development was made on behalf of an opportunistic investment fund sponsored by Clarion Partners. The project has a $37 million price tag and will be located in the Brier Creek section of Raleigh’s Research Triangle.
“The Triangle is one of the most dynamic growth areas in the country and provides a sound economic and demographic foundation for a high end multifamily project like The Crest at Brier Creek,” says Doug Bowen, managing director and portfolio manager at Clarion Partners.
Site work at The Crest at Brier Creek began earlier this January. Completion is anticipated for June 2013. Amenities at the community will include a clubhouse, fitness center, pool and grill area.
Irongate announces purchase of a non-performing note
Brooklyn, N.Y.—Irongate Realty Partners, a newly formed venture of GFI Capital Resources Group, announces the acquisition of a non-performing note located at 2750 E 12th and 1125 Banner Avenue in the Sheepshead Bay neighborhood of Brooklyn, N. Y. Simultaneously, the company negotiated a deal with the borrower for the deed on the property. The asset consists of two luxury apartment buildings, one 12-story and one seven-story, totaling 102 residential units.
“We are presently completing construction on the property,” says Michael Weiser, president of acquisitions. “One building is 95 percent complete and the other is 70 percent. It will be the only exclusive rental building in Sheepshead Bay and will be completed in the next six to nine months. One of Irongate’s primary focuses is on the acquisition of class A rental properties, like Banner Avenue, in the Metro New York region as well as South Florida, Atlanta and Boston. These properties are in high demand in today’s market and offer tremendous growth potential.”
The Manhattan-style, gated apartment complex includes studios, one, two, and three bedroom apartments with granite countertops in the kitchens and marble baths. Many of the units offer magnificent views of the city and the Bay. The community features parking for residents, a party room, gym, a 3,500 square foot landscaped recreation deck, and plans for a resort-style in ground pool. The leasing office is scheduled to open April 2012.