FLORHAM PARK, NJ - HFF announced today that it has closed the sale of and arranged financing for a three-property, 126-unit multi-housing portfolio in Nutley, New Jersey.
HFF marketed the offering on behalf of the seller, AIG Global Investment Group. Balt Investments LLC purchased the assets for $15 million free and clear of debt.
The portfolio is 94 percent leased overall. The properties include Greylock Apartments, Lincoln Apartments and Ambassador Apartments.
The properties are the second pool of assets HFF has sold for AIG Global Investment Group. In July 2011, HFF closed the $241.5 million sale of a 2,185-unit multi-housing portfolio in central New Jersey.
The HFF team representing AIG Global Investment Group included senior managing directors Jose Cruz and Andrew Scandalios, directors Jeffrey Julien and Kevin O’Hearn and associate Mike Oliver.
HFF senior managing director Jon Mikula represented the borrower.
“The buyer was able to capitalize on an opportunity to purchase quality assets in Nutley with upside, where he already owned real estate so there are economics of scale,” said Cruz. “AIG obtained solid pricing and was able to take advantage of a strong demand for that submarket.”
“The properties are well-positioned for an upgrade and will provide good long term growth,” added O’Hearn.
AIG Investments comprises a group of international companies, which provide investment advice and market asset management products and services to clients around the world. AIG Investments is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity and real estate.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 20 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com