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HFF Closes $63M Sale of Multihousing Complex

FLORHAM PARK—HFF has closed the sale of Windsor at Crystal Ridge, a 334-unit, class-A multihousing complex in Watchung and North Plainfield.

HFF represented the seller, GID Investment Advisors LLC and procured the buyer, AvalonBay Communities Inc. AvalonBay purchased the property for $63 million free and clear of existing debt.

Windsor at Crystal Ridge is located on nearly 25 acres at 1 Crystal Ridge Drive directly off Route 22 in Watchung and North Plainfield. The property has 15 three-story buildings with one-, two- and three-bedroom units averaging 1,016 sq. ft. each. Community amenities include a clubhouse, fitness center, indoor basketball court, residents lounge, media center, business center, swimming and wading pools, two playgrounds and outdoor basketball and tennis courts. Windsor at Crystal Ridge is 98 percent leased.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing director Kevin O’Hearn, director Jeffrey Julien and associate director Steve Simonelli.

GID is a privately held, globally diversified, and fully integrated real estate organization founded in 1960 that employs over 650 real estate professionals in multiple offices throughout the United States.

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