SUMMIT, NJ-AIG Investment Group has sold the 100-unit Constantine Village garden apartment complex here for $19 million.
HFF, which represented AIG in the transaction, reports that Constantine CXII, LLC, purchased the 100-unit property. The purchase price included in-place debt on the property situated along Constantine and Risk avenues.
Constantine Village is comprised of nine buildings with two-bedroom units, including several large townhomes with private garages. The property was built in two phases in the early 1950s and late 1970s. The complex is currently 96% leased.
The HFF investment sales team that represented the seller was led by Senior Managing Directors Jose Cruz and Andrew Scandalios, Managing Directors Kevin O'Hearn and Jeffrey Julien, as well as Associate Director Michael Oliver.
"This was a unique opportunity to purchase a high-quality garden apartment complex in one of the most desirable towns in the entire suburban New York region,” Cruz states. “Furthermore, the property offers the ability to increase yields through unit renovations.”
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