HFF announced that it has closed the sale of Oakwood Village, a 1,224-unit apartment community located in Flanders, a northern New Jersey town located in southwestern Morris County.
HFF marketed the offering exclusively on behalf of the seller, AIG Global Real Estate Investment Corp. (AIG). An undisclosed buyer purchased the property for approximately $183.37 million free and clear of existing debt.
This transaction follows the sale of a 12-property multi-housing portfolio that HFF closed on behalf of AIG in December 2015. According to HFF, the total sale amount for the entire 13-property portfolio totals $348.8 million, which represents one of the largest apartment sales in the Mid-Atlantic region during the past year.
Oakwood Village is located at 77 Oakwood Village along Route 206 in Morris County, approximately three and a half miles south of Interstate 80 and close to the International Trade Center commercial hub. Situated on 166.62 acres, the property has 107 two- and three-story residential buildings that house one- and two-bedroom units averaging 823 square feet each. Community amenities include a swimming pool, tennis court, multiple playgrounds, two dog parks and attached garage parking. The property is 95 percent leased.
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.
“There is significant upside in Oakwood, and the buyer will be capitalizing on that,” Cruz said. “The proximity to the highway and easy access to retail shops and restaurants make this asset very valuable.”