FLORHAM PARK, NJ - HFF announced today the sale of Signature Place, a 25.37-acre, fully-approved multi-housing development site in Neptune, New Jersey.
HFF marketed the property on behalf of a partnership between Highview Homes and Chase Partners. The property sold for an undisclosed amount free and clear of debt.
The site is located at 3660 Route 66, south of Corporate Drive and west of Jumping Brook Road just off Exit 100 on the Garden State Parkway and in close proximity to the Jersey Shore Premium Outlets. Once completed, the development will include 272 luxury apartment units, 8,142 square feet of retail space and associated parking. Current plans include community amenities such as a 3,792-square-foot clubhouse with fitness center, outdoor swimming pool, tot lots, rain garden, picnic area and two free-standing parking garages.
The HFF investment sales team representing the seller was led by managing director Kevin O’Hearn along with senior managing director Jose Cruz and real estate analyst Marc Duval.
According to O’Hearn, “HFF is pleased to have played a role in this transaction. The buyer is getting a fully-approved, extremely well-located site that will be developed into one of the top Class A apartment communities is Monmouth County.”
Highview Homes and Chase Partners are leading real estate development companies with expertise in acquisition, planning, design and construction of multi-housing communities. Each partner has experience in completing acquisitions and developments throughout New Jersey and the surrounding Tri-State area.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 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.