New York–Vantage Properties, LLC and Angelo, Gordon & Co. have acquired AIG’s Central New Jersey Multi-family Portfolio, comprised of six multifamily rental properties totaling 2,200 units in Plainsboro, Neptune, Long Branch, Matawan and South River, for $241.5 million.
Vantage has at the same time completed the sale of three of the properties, comprised of a combined 472 units, to New Jersey-based Lighthouse Properties. Concurrent with the transaction, Vantage launched its Candlebrook subsidiary, which will be focused on suburban rental properties.
Vantage Properties President and CEO Neil Rubler says the acquisition of the AIG and launch of Candlebrook will together diversify the firm’s business. “We look forward to leveraging our successful urban model and prior experience with our Fox Run apartments in the New Jersey market to provide high-quality housing to suburban residents,” Rubler says.
“In today’s competitive environment, we were excited to find such an attractive, sizeable portfolio of multi-family assets at a favorable basis,” says Dana Roffman, managing director of Angelo, Gordon & Co.
Devin Aronstam, director and head of acquisitions for Candlebrook, says, “This is an important new chapter for central New Jersey, as many of the current multifamily properties are older and in need of improvements. We expect the residents of these premier multifamily rental properties to experience a higher quality of life as part of the Candlebrook family of properties.”