(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
FLORHAM PARK, NJ-The $12.4 million sale of an 89-unit multi-housing portfolio comprised of three New Jersey properties has been completed for AIG Global Investment Group, as it continues to divest holdings.
HFF marketed the properties for AIG. Vantage Properties’ affiliate, Candlebrook Properties, purchased the offering for $12.4 million.
The properties, located in Middlesex, Bergen and Essex Counties, are 95% occupied. The individual properties are Highland Gardens in Highland Park, Karl Place Apartments in Garfield and Stephens Street Apartments in Belleville.
The HFF team representing AIG was led by senior managing directors Jose Cruz and Andrew Scandalios, and included managing directors Kevin O’Hearn and Jeff Julien and associate director Michael Oliver. This is the fourth multi-housing portfolio HFF has closed for AIG, for a total of about 2,600 units in an 18-month period.
“This transaction is the second group of assets from AIG that Vantage has purchased and the firm has performed exceptionally well during the process,” says Cruz. “Vantage has continued to show their ability to consummate transactions in a difficult economic environment.”
Founded in 2005, Vantage Properties has an investment focus concentrated on New York area residential and retail properties. The principals of Vantage are Neil Rubler and Devin Aronstam.
AIG Investments is made up of a group of international companies that provide investment advice and market asset management and services.
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