From the May issue: The embattled insurance giant American International Group has sold over 2,000 residential units for $245 million in New Jersey in one of the largest apartment sales in the metro area, according to the Wall Street Journal.
The buyers — New York-based investment firm Angelo, Gordon & Co. and developer Vantage Properties — have signed a contract for the Pheasant Hollow apartment complex in Plainsboro, N.J., near Princeton.
The sale, which was brokered by commercial real estate firm HFF, is expected to be the first in a series for the insurance company. The firm is selling a portfolio of over 7,000 apartments that it brought from developer Kushner Companies in 2007.
According to real estate data firm Reis Inc., Central New Jersey’s vacancy rate fell to 3.9 percent in the fourth quarter, making it the seventh-lowest rate of the 82 metro markets that Reis tracks, the Journal reported. — Compiled by Omari Allen. Click here to read more.
Tri-State briefs
May 20, 2011 10:37AM
