PLAINSBORO, NJ-The New Jersey and New York offices of Holliday Fenoglio Fowler LP have closed the sale of and arranged acquisition financing for Fox Run Apartments, a 776-unit multi-housing complex here. The HFF investment sales team, led by senior managing directors Jose Cruz and Andrew Scandalios and directors Jeffrey Julien and Kevin O’Hearn, marketed the property on behalf of the sellers, Angelo Gordon & Co. and Vantage Properties, who have owned the property since July 2009.

Avalon Bay Communities purchased Fox Run Apartments for $86.5 million, or $111,000 per unit, and assumed existing financing on the property. HFF’s Cruz and director John Taylor worked on behalf of Avalon to secure a $10-million, fixed-rate securitized acquisition loan through PNC Real Estate.

Fox Run Apartments is located at 60 Fox Run close to Route 1; Carnegie Center; Princeton Forrestal Village, which was recently purchased by Investcorp for $55 million; and the University Medical Center at Princeton, which is due to open in 2011. The property is situated on more than 46 acres and has 58 two-story buildings with one- and two-bedroom units averaging 713 square feet each. Community amenities include a clubhouse, fitness center, outdoor swimming pool, community room, jogging trail, picnic area with barbeque pits and 11 laundry rooms.