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Deals & Dealmakers

AIG closes NJʼs biggest multifamily sale of 2015

AIG Global has sold a 12-property apartment portfolio for $165.4 million.

The sale represents the largest multi-housing sale of 2015 in New Jersey, according to Real Capital Analytics.

Holliday Fenoglio Fowler, L.P. negotiated the transaction, which included a portfolio totaling 2,811 units located in New Jersey, Pennsylvania and Delaware.

HFF marketed the offering exclusively on behalf of AIG Global Real Estate Investment Corp. An undisclosed buyer purchased the portfolio free and clear of existing debt.

The garden-style communities offer a mix of one-, two- and three-bedroom units with amenities that include fitness centers, swimming pools, tennis courts, playgrounds and dog parks.

Several of the properties have undergone interior unit upgrades with proven rental premiums. Seven of the properties are located New Jersey; three in Pennsylvania; and two in Delaware.

JOSE CRUZ
JOSE CRUZ

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.

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