FORT LEE, NJ—Pantzer Properties has acquired The Crest at Fort Lee, a 351-unit, 13-acre multi-housing community in Fort Lee, NJ, from Capri Capital Partners, LLC, for $120 million, or approximately $341,880 per unit, free and clear of any existing debt. HFF arranged the sale for Capri.
The gated property, at 900 Crest Lane in eastern Bergen County, built in 1999, is 96 percent leased and has a mixture of one-, two- and three-bedroom floor plans averaging 1,058 square feet each.
“The buyer has an opportunity to add value to the property in a market that is seeing new development and higher rents,” says HFF senior managing director José Cruz, who led the investment sales team that closed the transaction.
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.
HFF senior managing director José Cruz, managing director Kevin O'Hearn, associate director Steve Simonelli and senior managing director Andrew Scandalios led the investment sales team representing Capri.
Hyland Levin LLP served as legal counsel for the buyer and Krawnow Saunders, Kaplan & Beninati LLP represented the seller.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
