Candlebrook Pays $12.4M for Three Multihousing Properties

NEW JERSEY—HFF has closed the sale of a three-property, 89-unit multihousing portfolio located in New Jersey on behalf of seller, AIG Global Investment Group. Vantage Properties L.L.C. affiliate, Candlebrook Properties, paid $12.4 million for the portfolio, which includes Highland Gardens in Highland Park, Karl Place Apartments in Garfield and Stephens Street Apartments in Belleville.

The HFF team representing AIG was led by Jose Cruz and Andrew Scandalios, both senior managing directors, along with Kevin O’Hearn and Jeff Julien, managing directors, and Associate Director Michael Oliver.

Located in Middlesex, Bergen and Essex counties, the properties average 95 percent occupancy overall.

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