NEPTUNE, NJ-In a multiple company deal, the Orbach Group and Phoenix Realty Group (PRG) have purchased three properties totaling 472 apartments in Neptune, South River and Long Branch, NJ from AIG for $46.5 million.

The purchase was part of an overall transaction that AIG selling three additional New Jersey apartment communities sold to Vantage Properties and Angelo, Gordon & Co. Vantage/Angelo, Gordon went to contract with AIG, then Orbach/Phoenix came in and acquired their three projects. All the deals closed simultaneously, with Orbach and PRG acquiring the properties subject to the existing long-term financing on two of the three properties. “AIG  had the underlying contract,” explains Meyer Orbach, president of Englewood Cliffs, NJ-based Orbach Group, to “We all worked together.”

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