NUTLEY, NJ-HFF has closed on the $15 million sale of a three-property, 126-unit multi-family housing portfolio in Nutley to Balt Investments.
HFF marketed the property on behalf of the seller, AIG Global Investment Group. HFF also arranged the financing for the sale to Balt.
The portfolio, 94% leased overall, includes: Greylock Apartments, Lincoln Apartments and Ambassador Apartments. These properties are the second pool of assets HFF has sold for AIG Global. Last year, HFF closed on the sale of a $241.5 million portfolio of multi-family housing in central New Jersey.
The HFF team representing AIG Global included Jose Cruz and Andrew Scandalios, senior managing directors, and Jeffrey Julien and Kevin O’Hearn, directors, along with associate Mike Oliver. Jon Mikula, senior managing director, represented Balt.
“AIG obtained solid pricing and was able to take advantage of a strong demand for that submarket,” says Cruz. He added that the buyer already owned real estate in Nutley, and gained the advantage of economies of scale with the new purchase.
“The properties are well-positioned for an upgrade and will provide good long term growth,” adds O’Hearn.
AIG Investments comprises a group of international companies, which provide investment advice and market asset management products and services to clients around the world.
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