FLORHAM PARK, NJ – HFF announced today that it has closed the $120 million sale of The Crest at Fort Lee, a 351-unit multi-housing community in Fort Lee, New Jersey.
HFF marketed the property on behalf of the seller, Capri Capital Partners, LLC. Pantzer Properties purchased the asset for $120 million, or approximately $341,880 per unit, free and clear of any existing debt.
The Crest at Fort Lee is situated on 13.09 acres at 900 Crest Lane in eastern Bergen County and is minutes from the New Jersey Turnpike/George Washington Bridge as well as nearby shopping and dining. The gated property, built in 1999, is 96 percent leased and has a mixture of one-, two- and three-bedroom floor plans averaging 1,058 square feet each. The property consists of seven residential buildings that include garage parking, tenant storage, balconies and some renovated units. Community amenities include a clubhouse with heated outdoor swimming pool, state-of-the-art fitness center, indoor basketball court, community room and business center. The property also has a playground and grilling area.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, associate director Steve Simonelli and was supported by senior managing director Andrew Scandalios.
Hyland Levin LLP served as legal counsel for the buyer and Krawnow Saunders, Kaplan & Beninati LLP represented the seller.
“The buyer has an opportunity to add value to the property in a market that is seeing new development and higher rents,” stated Cruz.
Capri Capital Partners, LLC is an SEC registered institutional real estate investment advisory firm, which has acquired or originated over $10 billion in commercial real estate investments since its founding in 1992. Capri offers a broad spectrum of real estate equity and debt products to its clients through separate account, commingled fund, and joint venture formats. Over its 21 year history, Capri has demonstrated experience investing in multifamily residential and urban investments. Diversified assets managed on behalf of its pension fund and other institutional investors totaled $3.886 billion under management as of September 30, 2014. Capri is headquartered in Chicago, with additional offices in Los Angeles and the New York area. For more information, visit the company’s website: www.capricapital.com.
Pantzer Properties, Inc. was founded in 1971 as a vehicle for private investment in undervalued real estate. With approximately $2 billion in assets under management, the firm is the sponsor of the Panco Strategic Real Estate Funds, a series of opportunistic real estate funds focused on the multifamily sector. Headquartered in New York City with offices in Rochelle Park, New Jersey and Herndon, Virginia, the firm is a fully integrated owner/operator of institutional quality properties on the east coast of the United States. Since its inception, Pantzer Properties has been involved in more than $5 billion of real estate transactions. www.pantzerproperties.com
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter @HFF.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.