AIG Global Real Estate Sells Multifamily Property in Flanders, N.J. for $183.3M
FLANDERS, N.J. — AIG Global Real Estate Corp. (AIG) has sold a 1,224-unit multifamily property in Flanders, approximately 45 miles west of Jersey City, for $183.3 million. The undisclosed buyer acquired the asset, Oakwood Village, clear of existing debt.
Oakwood Village, located at 77 Oakwood Village along Route 206, is situated on 167 acres. The property is comprised of 107 two- and three-story buildings. The buildings feature one- and two-bedroom units that average 823 square feet. Amenities at Oakwood Village include a swimming pool, tennis court, multiple playgrounds, two dog parks and garage parking. The property is 95 percent leased.
“There is significant upside in Oakwood, and the buyer will be capitalizing on that,” says Jose Cruz, senior managing director for HFF. “The proximity to the highway and easy access to retail shops and restaurants make this asset very valuable.”
Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Mark Thomson make up the investment sales team for HFF that represented the seller in the transaction.
This transaction follows the sale of a 12-property multifamily portfolio that HFF brokered on behalf of AIG in December. The disposition of the 13 properties totals $348.8 million.