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HFF Arranges $87M Fox Run Sale, Financing

PLAINSBORO, NJ-Avalon Bay Communities purchased Fox Run Apartments and assumed existing financing on the property.

By Alyson Grala | Updated on January 07, 2011

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.

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