FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $54 million sale of The Harrison, a 316-unit, 20-story apartment property in Franklin Township, New Jersey.
HFF marketed the property exclusively on behalf of the seller. An undisclosed buyer purchased the asset free and clear of existing debt.
The Harrison is situated at 575 Easton Avenue less than one mile from Rutgers University and downtown New Brunswick. Originally built by the seller in 1974 and most recently renovated in 2015, the 11.4-acre property offers views of the Raritan River, Rutgers Stadium and downtown New Brunswick, and is accessible to major highways, including Interstates 95 and 287 and Routes 18 and 1. The Harrison has 38 studio, 178 one-bedroom and 100 two-bedroom units featuring hardwood floors, individually controlled heating and cooling, spacious layouts and balconies. Various unit renovations have occurred throughout the past eight years, with the buyer planning to continue further upgrades. The property’s amenity package includes a newly-renovated clubhouse, outdoor pool, parking garage, playground, dog park, fitness center and 2-in-1 basketball/tennis court. The 95-percent-leased property also features 24/7 concierge service.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval.
“This transaction reflects the strong demand for quality buildings with upside through unit renovations,” said O’Hearn. “The seller built a great asset, which is now going to be further upgraded to compete with some of the new supply in downtown New Brunswick.”
About HFF: HFF 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 hfflp.com or follow HFF on Twitter @HFF.