FLORHAM PARK, NJ – The New Jersey and New York offices of HFF (Holliday Fenoglio Fowler, L.P.) have closed the sale of and arranged acquisition financing for Fox Run Apartments (top left photo), a 776-unit multi-housing complex in Plainsboro, New Jersey.
The HFF investment sales team, led by senior managing directors Jose Cruz (top right photo) and Andrew Scandalios (middle left photo) and directors Jeffrey Julien and Kevin O’Hearn, marketed the property on behalf of the sellers, Angelo Gordon & Company and Vantage Properties, who have owned the property since July 2009. Avalon Bay Communities purchased Fox Run Apartments for $86.5 million or $111,000 per unit and assumed existing financing on the property.
In addition, HFF’s Cruz and director John Taylor (lower right photo) worked on behalf of the buyer/borrower, Avalon Bay Communities, to secure a $10 million, fixed-rate securitized acquisition loan through PNC Real Estate.
Fox Run Apartments is located at 60 Fox Run close to Route 1, Carnegie Center, Princeton Forrestal Village and the University Medical Center at Princeton, which is due to open in 2011.
The property is situated on more than 46 acres and has 58 two-story buildings with one- and two-bedroom units averaging 713 square feet each. Community amenities include a clubhouse, fitness center, outdoor swimming pool, community room, jogging trail, picnic area with barbeque pits and 11 laundry rooms.
Contacts:
Jose R. Cruz,, HFF Senior Managing Director, (973) 549-2000, jcruz@hfflp.com
Andrew G. Scandalios, HFF Senior Managing Director, (713) 852-3500, ascandalios@hfflp.com
Kristen R. Murphy, HFF Associate Director, Marketing,(212) 245-2425,
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