Berkshire Residential Sells New Jersey Asset
The 240-unit community recently underwent renovations.
Berkshire Stewards Crossing. Image courtesy of JLL
Berkshire Residential Investments has sold the 240-unit Berkshire Stewards Crossing community in Lawrence Township, N.J. The buyer was Reuven Gradon Acquisitions and JLL Capital Markets worked on behalf of the seller.
Completed in 1991, the property comprises 204 market-rate and 36 affordable units in a blend of one-, two- and three-bedroom floorplans, ranging from 701 square feet to 1,246 square feet. The community has recently been renovated and had its amenities enhanced. Berkshire Stewards Crossing includes a pool, a fitness center, a grill area with firepit, an outdoor lounge and a dog run.
Located at 1000 Stewards Crossing Way, the community is 2 miles west of Route 1, and less than a mile from interstates 95 and 295. Lawrence Shopping Center is 3 miles southeast and the College of New Jersey is 2 miles southwest. There are several parks within a 2-mile radius, while New York City and Philadelphia are both less than 60 miles away from the property.
According to Yardi Matrix, the asset last traded in 2018, when CMS Cos. sold it for $51 million.
Mercer County is a dynamic New Jersey market that benefits from a substantial business base in Princeton, as well as the corporations and municipal agencies in the state’s capital, Trenton. Market rents have been on an upward trajectory this year, with demand for value-add properties in suburban New York City metro area also growing. Additionally, pricing is stronger than pre-COVID-19, according to a prepared statement from Michael Oliver, senior director in the New Jersey office of JLL.
The JLL team was led by Oliver, who worked on the sale alongside Senior Managing Directors Jose Cruz, Steve Simonelli, Kevin O’Hearn and Senior Associate Grace Braverman.
