AION Acquires 13 Multifamily Properties from AIG Global Real Estate

Below is an excerpt from the Commercial RealEstate Direct Weekly:


“AIG Global Real Estate has sold the 1,224-unit Oakwood Village apartment complex in northern New Jersey for $183.37 million, or $149,540/unit. The property, along Route 206 in Flanders, N.J.,was sold free and clear of debt to an undisclosed buyer. It is 95 percent leased, with monthly rents from $990/unit to $2,100/unit. It includes a swimming pool, tennis court, playgrounds, dog parks and attached parking garage. AIG last year had placed a portfolio of 13 apartment properties on the sales block through HFF and sold 12 of them, with 2,811 unit in New Jersey, Pennsylvania and Delaware, to AION Partners LLC for $165.4 million, or about $58,840/unit. Oakwood is the final part of that portfolio. The $348.8 million total sales price makes the portfolio one of the largest apartment sales in the Mid-Atlantic region during the past year.”