Crest at Fort Lee, Changes Hands for $120M
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 Joso 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 Joso 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.