Florham Park-based Holliday, Fenoglio, Fowler L.P. announced Monday it has closed the sale of Windsor at Crystal Ridge, a 334-unit, class A multifamily housing community in Watchung.
HFF marketed the 25-acre complex on behalf of the seller, General Investment & Development Investment Advisors LLC. The buyer, AvalonBay Communities Inc., purchased the property for $63 million. The 15 three-story buildings with one-, two- and three-bedroom units were 98 percent leased at the time of the sale.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing director Kevin O’Hearn and directors Jeffrey Julien and Steve Simonelli.
“This was a rare opportunity to purchase a newer class A multi-housing complex in affluent Somerset County, which has a scarcity of class A product and no construction pipeline for any competing properties to be built in the near future,” Cruz said in prepared remarks.