FORT LEE, NJ—PantzerProperties has acquired The Crest at FortLee, a 351-unit, 13-acre multi-housing community in FortLee, NJ, from Capri Capital Partners, LLC, for $120 million, orapproximately $341,880 per unit, free and clear of any existingdebt. HFF arranged the sale forCapri.
The gated property, at 900 Crest Lane ineastern Bergen County, built in 1999, is 96 percent leased and hasa mixture of one-, two- and three-bedroom floor plans averaging1,058 square feet each.
“The buyer has an opportunity to add value to the property in amarket that is seeing new development and higher rents,” saysHFF senior managing director JoséCruz, who led the investment sales team that closed thetransaction.
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