FLORHAM PARK—HFF has closed the sale of Ravens Crest, a 704-unit, class-A multifamily community in Plainsboro.
HFF marketed the asset on behalf of the seller, Equity Residential. The purchaser is an affiliate of the Chicago-based Heitman LLC.
Ravens Crest is located at 3217 Ravenscrest Drive close to Interstate 95/the New Jersey Turnpike and Princeton in central New Jersey, equidistant to Philadelphia and New York City. The property has one- and two-bedroom units and features a swimming pool and tennis court. Occupancy is more than 95 percent.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, and directors Kevin O’Hearn and Jeffrey Julien.
Equity Residential is an S&P 500 company that owns, develops and operates more than 400 apartment properties in the U.S.