LEBANON, NJ–A 150-unit apartment community here has been traded in an off-market transaction arranged by HFF. Presidential Place was acquired by Eagle Rock Multi-Family Property Fund for $38 million - $253,000 per unit.
HFF, which has announced a series of recent large deals in New Jersey – including a $125 million Hoboken apartment building sale - also said Wednesday it had closed the $29 million sale of the leasehold interest at 1 Emerson Lane, a 340,000-square-foot light industrial property in Secaucus, New Jersey.
In the Lebanon apartment deal, Pizzo & Pizzo was the seller of a 95% leased community completed in 2011.
Presidential Place has six buildings with one-, two- and three-bedroom units, plus a clubhouse with fitness center and swimming pool. The property is located at 710 Presidential Drive about 45 miles west of New York City, off I-78.
The HFF investment sales team was led by Zac Pierce and Mark Thomson of HFF Philadelphia in collaboration with Jose Cruz of the company's New Jersey office.
“Eagle Rock was a pleasure to work with and seamlessly executed this transaction in spite of a few challenges,” said Pierce. “Each party achieved their desired result as Pizzo & Pizzo was able to sell an outlier property out of their portfolio, and Eagle Rock was able to acquire the highest-quality asset in the market.”
Pizzo & Pizzo is a New Jersey-based developer of Class A multi-family communities in both the Garden State and Pennsylvania.
Eagle Rock is a private equity fund that invests in suburban multi-family housing developments, with a focus on the New York metropolitan region and the Northeastern corridor, from Boston to Washington D.C.
Meadowlands Industrial
In the Secaucus industrial property trade, HFF marketed the property exclusively for Trinity Place Holdings. The light-industrial facility on 18.6-acre property at 1 Emerson Lane was built in 1978 and expanded in 1996. The property also includes 35,712 square feet of two-story office space.
The buildings were vacant at the time of sale. Trinity owns real estate holdings in three states, including sites in Paramus; Westbury, NY; West Palm Beach, FL; and “Trinity Place,” a development site in lower Manhattan.
HFF's sales team for the Secaucus deal included Michael Nachamkin and Steve Simonelli.
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