WATCHUNG, NJ-HFF has closed the sale of Windsor at Crystal Ridge, a 334-unit, Class A multifamily housing complex in Watchung and North Plainfield for $63 million. HFF represented the seller, GID Investment Advisors and procured the buyer, AvalonBay Communities Inc. AvalonBay purchased the property free and clear of existing debt.
“This was a rare opportunity to purchase a newer Class A multi-housing complex in affluent Somerset County, which has a scarcity of Class A product and no construction pipeline for any competing properties to be built in the near future,” says Jose Cruz, the senior manager who led HFF’s investment sales team along with Andrew Scandalios.
“GID took advantage of a fluid multi-family market in central New Jersey, and Avalon obtained a good complex with rental upside,” adds Scandalios, who is also a senior manager.
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