Shearman & Sterling represented subsidiaries of AIG Global Real Estate Investment Corp. in connection with the sale of their interests in a portfolio of 12 multifamily properties that contained approximately 16,800 residential units across New Jersey, Delaware and Pennsylvania. The transaction included three entity sales and nine asset sales, for a total purchase price of approximately $165 million.
AIG Global Real Estate, founded in 1987, comprises a group of international companies within AIG that invests in and actively manages real estate for clients and AIG member companies throughout the world. The company actively manages approximately $31.2 billion of real estate for clients and AIG member companies in various countries. Its business was expanded to include AIG Affordable Housing (representing over 106,000 multi-family units across the United States), the investment management of Stowe Mountain Resort, and most recently AIG's Commercial Mortgage Lending team.
The Shearman & Sterling team included partner Chris Smith, counsel Gina Love and associates Elizabeth Vinci and Julie Fleishman, all New York-Real Estate.