Balt Investments LLC has closed on the purchase of a three-property multifamily portfolio in Northern New Jersey from AIG Global Investment Group. HFF marketed the portfolio for the seller and arranged the financing.
The 126-unit portfolio is located in Nutley, New Jersey and includes Greylock Apartments at 291 Park Avenue, Lincoln Apartments at 331-341 Park Avenue and Ambassador Apartments at 343 Park Avenue. In all, they are 94 percent leased.
HFF brokered the sale of another chunk of New Jersey assets for AIG in July 2011—a $241.5 million, 2,185-unit portfolio of apartments located in Central New Jersey.
Of this most recent sale, though, HFF senior managing director Jose Cruz, part of the team that represented AIG Global Investment Group, said that it gave the buyer “an opportunity to purchase quality assets in Nutley with upside.” He added that “AIG obtained solid pricing and was able to take advantage of a strong demand for that submarket.
” Mr. Cruz was joined on the assignment by senior managing director Andrew Scandalios, directors Jeffrey Julien and Kevin O’Hearn and associate Mike Oliver. HFF senior managing director Jon Mikula represented the borrower.