Wednesday, July 13, 2011

AIG Sells Central Jersey Multifamily Portfolio for $241.5M

"A joint venture of Angelo, Gordon & Co. and Vantage Properties LLC has acquired a six-property multifamily portfolio located in New Jersey for $241.5 million, or about $110,500 per unit, from affiliates of AIG Global Asset Management Holdings Corp.

The portfolio is 91.6 percent occupied overall at time of sale. The communities, located in Monmouth and Middlesex counties, total 2,185 units across more than 1.2 million square feet. The sale included $150 million in existing debt.

The individual properties represent a diverse mix of well-located assets across central New Jersey:

Quail Ridge Apartments located at 33 Quail Ridge Dr. in Plainsboro totals 1,032 units.

Pheasant Hollow Apartments at 19 Pheasant Hollow Dr. in Plainsboro totals 440 units.

Jumping Brook Apartments at 3633 Highway 33 in Neptune totals 308 units.

Marine Gardens at 220 Ocean Ave. in Long Branch totals 24 units.

Long Brook Apartments at 11 Sutton Dr. in Matawan totals 241 units.

Leonardine Gardens at 110 Leonardine Ave. in South River totals 140 units."

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