HFF announces $146M sale of 1,032-unit apartment community in Plainsboro, New Jersey
FLORHAM PARK, NJ – September 19, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $146 million closing of Quail Ridge Apartments, a 1,032-unit, garden-style apartment community in Plainsboro, New Jersey.
The HFF team marketed the property exclusively on behalf of the seller, a joint venture between Angelo Gordon & Co., L.P. and Candlebrook Properties, LLC. Kushner Companies purchased the asset assuming the in-place debt.
Quail Ridge Apartments is comprised of 54 two- and three-story residential buildings consisting of a mix of studio, one- and two-bedroom units averaging 741 square feet in size. The community, which has undergone significant capital improvements since 2000, features two swimming pools with sundecks, six tennis courts, basketball court, two playgrounds, children’s clubhouse, fitness center, dog parks and golf course views within a park-like setting. Situated on 51.7 acres at 2005 Quail Ridge Drive in the Princeton submarket of Middlesex County, the property is adjacent to the Meadows at Middlesex Golf Course and is within five miles of major roadways, including Interstate 95 (New Jersey Turnpike) and Route 1, providing access into New York City and Philadelphia in less than an hour. Additionally, the property is approximately 5.5 miles from Princeton University’s main campus and the Princeton Junction transit station.
The HFF investment sales team representing the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Plainsboro multi-housing locations are considered among the most sought after in central New Jersey given the school districts, access to the workforce and adjacent retail/restaurants,” Cruz said. “The investment community aggressively bids on these types of deals when they become available.”
Holliday Fenoglio Fowler, L.P. and Holliday GP Corp are licensed New Jersey real estate brokers.
About Angelo, Gordon & Co., L.P.
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988. The firm currently manages approximately $28 billion with a primary focus on credit and real estate strategies. Angelo, Gordon has over 420 employees, including more than 160 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit angelogordon.com.
About Candlebrook Properties, LLC
Candlebrook was founded in 2005, and launched its business focusing on the acquisition and repositioning of distressed apartment properties in the New York City area. This business later expanded to the suburban New Jersey markets and Philadelphia, and to date, its portfolio has comprised over 15,000 apartment units representing over $2 billion in value. For more information, visit candlebrookproperties.com.
About Kushner Companies
Kushner Companies is a diversified real estate organization headquartered in New York City. The company is responsible for the ownership, management, development and redevelopment of many properties. Its national reach consists of more than 20,000 multifamily apartments, as well as 13 million square feet of office, industrial and retail space throughout New York, New Jersey, Pennsylvania, Maryland, Ohio and Illinois. For more information, visit kushner.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.