Shearman & Sterling represented subsidiaries of AIG Global Real Estate Investment Corp. in connection with the sale of Oakwood Village, a 1,224-unit apartment community located in Flanders, New Jersey, a northern New Jersey town located in southwestern Morris County, for a total purchase price of approximately $183 million. This transaction follows the sale of a 12-property multi-housing portfolio for $165 million on which the firm advised AIG in December 2015, representing one of the largest apartment sales in the Mid-Atlantic region over the past year.
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 $16.6 billion of real estate for clients and AIG member companies in various countries. Its business was expanded to include AIG Affordable Housing (representing over 104,000 multi-family units across the United States), the investment management of Stowe Mountain Resort.
The Shearman & Sterling team included associates Elizabeth Vinci, Julie Fleischman and partner Chris Smith (all New York-Real Estate).