HFF closes sale of two apartment towers in Newark, New Jersey
FLORHAM PARK, NJ – July 24, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Addison, two 15-story apartment towers totaling 219 units in Newark, New Jersey.
HFF marketed the property exclusively on behalf of the seller, Azure Partners LLC.
The Addison is located at 380 and 402 Mount Prospect Avenue in the Forest Hill section of Newark. Both towers are conveniently located approximately ten minutes from downtown Newark and 25 minutes from Manhattan via the Holland Tunnel and are adjacent to a host of retail options, public transportation, a county park and major highways. The Addison offers a variety of studio, one-, two- and three-bedroom units ranging from 700 to 1,750 square feet. The property is 99 percent occupied.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and directors Michael Oliver and Stephen Simonelli.
“We continue to see high demand for infill multifamily properties throughout the state with significant value,” stated Cruz.
About Azure Partners LLC
Azure Partners LLC (Azure) is a real estate private equity firm based in New York City focused on the opportunistic acquisition and management of real estate assets within high-growth markets in the United States. Since its founding in 2010, Azure has acquired in excess of $1 billion of real estate in the multifamily and retail sectors.
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). 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. For more information please visit hfflp.com or follow HFF on Twitter @HFF.