In what is being touted as New Jersey’s largest multi-family rental property sale to date, Aimco has sold the 776-unit Fox Run Apartments.
Facilitated by Cushman & Wakefield of New Jersey, the property sold to Vantage Mid-Atlantic, a division of the New York-based Vantage Properties in a joint venture with New-York based Angelo Gordon, & Co.
According to a press release from Cushman & Wakefield, Aimco agreed to the sale of Fox Run to pursue its larger “strategic goals of concentrating on our investment capital in our target markets and further reducing leverage.”
The press release also stated that Fox Run Apartments has consistently maintained an occupancy in the mid- to high-90 percent range, offering amenities that include a stand-alone clubhouse, fitness center, outdoor pool, tennis courts, and a playground.
Building on the success of maintaining occupancy, the press release stated that the new property owner is planning to take advantage of Fox Run’s location to the Route 1 Corridor, Princeton Forrestal Center, school system, proximity to mass transit, Plainsboro’s Village Center, and the new University Medical Center of Princeton, which is projected to attract 3,800 new jobs to the area, to target the area’s demographics.
A spokeswoman for Cushman & Wakefield said she was unable to disclose the price for which the property sold, but sources say an SEC filing states the property sold for $70 million.
