Printer-friendly version FLORHAM PARK, NJ - February 10, 2014 - HFF announced today that it has closed the sale of Pheasant Hollow, a 439-unit, garden-style, multi-housing community in Plainsboro, New Jersey.
HFF marketed the property on behalf of the sellers, Angelo Gordon & Co. and Vantage Properties. Harbor Group International purchased the asset free and clear of existing debt.
Pheasant Hollow is located at 1912 Pheasant Hollow Drive within three miles of Route 1 and two minutes from downtown Plainsboro. Situated in the affluent Princeton submarket, the property is 91 percent leased and includes studio, one- and two-bedroom units averaging 759 square feet each. Community amenities include a fitness center, outdoor adult and children’s pools, and basketball and tennis courts. Additionally, the property is adjacent to Meadows at Middlesex, an 18-hole public golf course.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeff Julien and associate director Michael Oliver.
Angelo, Gordon & Co. is a privately held investment advisor specializing in alternative investments such as real estate, distressed debt and private equity. The firm was founded in 1988 and currently manages approximately $25 billion.
Founded in 2005, Vantage Properties is one of the leading investors in New York residential and retail properties.
Harbor Group International, with a portfolio valued at approximately 3.8 billion, has been acquiring properties for profitable commercial real estate investing since 1990. HGI currently owns more than 10.5 million square feet of commercial properties and in excess of 24,500 apartment units.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.