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HFF Closes $63M Sale of Residential Complex to AvalonBay

WATCHUNG, NJ-The firm represented the seller, GID Investment Advisors, LLC, on the sale of the 334-unit, class A multifamily community. It is 98% leased.

By Antoinette Martin | Updated on March 20, 2012

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.

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