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.
The popular complex features an array of amenities, including a clubhouse, fitness center, indoor basketball court, lounge, media center, business center, swimming and wading pools, two playgrounds and outdoor basketball and tennis courts.
The HFF investment sales team representing GID in the sale included managing director Kevin O’Hearn, director Jeffrey Julien and associate director Steve Simonelli.
GID currently controls a real estate portfolio consisting of 107 properties in 19 states that house 22,000 residential units and 5.7 million square feet of commercial space. AvalonBay owns or holds interests in approximately 200 apartment communities with over 50,000 housing units.
Also this week, HFF announced it had secured $11 million acquisition financing for an R & D facility in Edison that is fully occupied by Revlon Consumer Products Corporation. The buyer was AG Net Lease Fund II, an affiliate of Angelo, Gordon & Co. Morgan Stanley Mortgage Capital Holdings LLC provided the 10-year, fixed-rate securitized loan, which will also be serviced by HFF, a leading provider of commercial real estate and capital market services.
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