AIG Global Real Estate Investment Corp. Sells 12-Property Apartment Portfolio for $165M

by Amy Works

NEW YORK CITY — New York City-based AIG Global Real Estate Investment Corp. has sold a 12-property apartment portfolio in New Jersey, Pennsylvania and Delaware. An undisclosed buyer purchased the 2,811-unit portfolio for $165 million free and clear of existing debt. The garden-style communities feature a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size. Amenity packages vary by community but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks. Seven properties are in New Jersey, three in Pennsylvania and two in Delaware. Jose Cruz, Andrew Scandalios, Mark Thomson, Kevin O’Hearn, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.

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