Vantage Properties, a New York-based residential property firm, on July 7 acquired six multi-family rental properties totaling 2,200 units from AIG’s central New Jersey portfolio for $241.5 million.
Two of the properties, Quail Ridge and Pheasant Hollow, are condominium complexes in Plainsboro. Vantage purchased 1,032 units at Quail Ridge and 440 units at Pheasant Hollow. The deal was part of Vantage’s new subsidiary, Candlebrook.
This is not the first time Vantage has dipped into the residential market in Plainsboro. The firm acquired Fox Run Apartments, a 776-unit garden apartment complex, in 2009, then sold the complex to AvalonBay Communities in December. Angelo, Gordon & Co. of New York was the equity partner in all these deals.
