by Steve Lubetkin, Globest.com
AIG Global Real Estate Investment has sold a 12-property apartment portfolio totaling 2,811 units located in New Jersey, Pennsylvania and Delaware, the remains of a portfolio it acquired from Kushner Companies in 2007. The buyer is thought to be New York-based AION Partners in a deal.
The buyer purchased the portfolio for approximately $165.4 million free and clear of existing debt. This transaction represents the largest multi-housing sale of 2015 in New Jersey, according to Real Capital Analytics.
In June 2007, Kushner Companies completed the sale of more than 17,500 apartment units in five states to a partnership of AIG and Morgan Properties, King of Prussia, PA. In October 2013, Morgan reportedly bought out AIG and another partner and took sole ownership of about 15,000 units. AIG retained the balance of the units, which would make up the bulk of the transaction announced today.
The well-leased, garden-style communities offer a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size. Amenity packages vary by community but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks. Several of the properties have undergone interior unit upgrades with proven rental premiums. Seven of the properties are located in New Jersey; three are in Pennsylvania; and two in Delaware.
List of properties: http://tinyurl.com/zmbb39r
www.omegare.com
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