FORT LEE, N.J. — HFF has arranged the $120 million sale of The Crest at Fort Lee, a 351-unit apartment community. HFF marketed the property on behalf of the seller, Capri Capital Partners LLC. Pantzer Properties purchased the asset for $120 million, or $341,880 per unit, free and clear of any existing debt.
The Crest at Fort Lee sits on 13 acres at 900 Crest Lane in eastern Bergen County near the New Jersey Turnpike/George Washington Bridge as well as nearby shopping and dining. The gated property, which was built in 1999, is 96 percent leased and has a mixture of one-, two- and three-bedroom floor plans averaging 1,058 square feet.
The property consists of seven residential buildings with amenities including garage parking,..