$91 million sale closed by HFF of 316-unit luxury multi-housing community in Cedar Knolls, New Jersey
FLORHAM PARK, NJ – June 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $91 million sale of Sterling Parc, a 316-unit, Class A, garden-style, multi-housing community in Cedar Knolls, New Jersey.
HFF marketed the property exclusively on behalf of the seller, Invesco Real Estate (Invesco). Cornerstone Real Estate Advisers, one of the largest global real estate investment advisers, purchased the asset on behalf of an institutional client. HFF previously brokered the sale of the property to Invesco in 2007.
Sterling Parc is situated on a park-like 22.5-acre site within ten minutes of downtown Morristown in New Jersey’s affluent Morris County. The property, built in two phases in 1988 and 2001, encompasses 27 buildings, which house 252 market-rate apartments, 56 age- and income-restricted apartments and eight income-restricted apartments across a mix of one-, two- and three-bedroom floor plans. Just over 50 percent of the market rate units have been renovated to a higher-finish level. Units feature open kitchens, full-size washers and dryers, oversized walk-in closets, nine-foot ceilings and direct access garages. Community amenities include a central clubhouse with an outdoor swimming pool, patio, grilling area, fitness center, business center and community room with full-size kitchen. The property is 96 percent leased.
The HFF investment sales team representing Invesco 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 continues to exemplify the high demand for well-located multifamily in the New Jersey suburban markets,” Cruz said. “We had great activity and a very competitive process."
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with over $67.7 billion in real estate assets under management, 444 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $771.5 billion in assets under management and on-the-ground presence in 25 cities worldwide. Information as of March 31, 2016.
About Cornerstone Real Estate Advisers LLC
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
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.