HFF closes $120m sale of The Crest at Fort Lee
FORT LEE, NJ — HFF has closed the $120 million sale of The Crest at Fort Lee, a 351-unit multi-housing community.
HFF marketed the property on behalf of the seller, Capri Capital Partners, LLC. Pantzer Properties purchased
the asset for $120 million, or approximately $341,880 per unit, free and clear of any existing debt.
The Crest at Fort Lee is situated on 13.09 acres at 900 Crest Lane in eastern Bergen County and is minutes from the New Jersey Turnpike/George Washington Bridge as well as nearby shopping and dining. The gated property, built in 1999, is 96% leased and has a mixture of one-, two- and three-bedroom floor plans averaging 1,058 s/f each. The property consists of seven residential buildings that include garage parking, tenant storage, balconies and some renovated units. Community amenities include a clubhouse with heated outdoor swimming pool, state-of-the-art fitness center, indoor basketball court, community room and business center. The property also has a playground and grilling area.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, associate director Steve Simonelli and was supported by senior managing director Andrew Scandalios.
Hyland Levin LLP served as legal counsel for the buyer and Krawnow Saunders, Kaplan & Beninati LLP represented the seller.
"The buyer has an opportunity to add value to the property in a market that is seeing new development and higher rents," said Cruz.