AIG Sells NJ Multifamily for $183M

Oakwood Village, Flanders, NJ

FLANDERS, NJ—AIG Global Real Estate Investment has sold Oakwood Village , a 1,224-unit apartment community in Flanders, Morris County, NJ, for $183.4 million. Holliday Fenoglio Fowler marketed the offering on behalf of AIG. A buyer not identified by HFF purchased the property free and clear of existing debt. “There is significant upside in Oakwood , and the buyer will be capitalizing on that,” says José Cruz , HFF senior managing director.  “The proximity to the highway and easy access to retail shops and restaurants make this asset very valuable.” The transaction follows the sale of a 12-property, 2,811-unit multi-housing portfolio that HFF closed on behalf of AIG in December 2015, as previously reported by GlobeSt.com .  According to HFF , the total sale amount for the entire 13-property portfolio totals $348.8 million, one of the largest apartment sales in the Mid-Atlantic region during the past year. Oakwood Village is located at 77 Oakwood Village along Route 206 in Morris County, approximately three and a half miles south of Interstate 80 and close to the International Trade Center commercial hub.  Situated on 166.62 acres, the property has 107 two- and three-story residential buildings that house one- and two-bedroom units averaging 823 square feet each.  Community amenities include a swimming pool, tennis court, multiple playgrounds, two dog parks and attached garage parking.  The property is 95 percent leased. Along with Cruz, senior managing directors Andrew Scandalios and Mark Thomson , managing director Kevin O’Hearn and associate directors Michael Oliver and Steve Simonelli led the HFF investment sales team representing AIG .