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.
The real estate company would not identify the properties. However, the News Journal identified the properties as Prides Court and Univeristy Village, both located south of Newark. The buyer was not identified.
HFF marketed the offering exclusively on for the seller, AIG Global Real Estate Investment Corp. Tbe buyer purchased the portfolio for approximately $165.4 million free and clear of existing debt.
The garden-style communities offer a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size.
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.”
