Carmel Partners Expands Into NJ
Marking the firm's first investment in the state, the company purchased Hunters Glen in Plainsboro Township and plans on updating interiors, renovating the exterior and improving amenities.
By D.C. Stribling, Contributing Editor
Hunters Glen, Plainsboro Township, N.J.
Carmel Partners has acquired Hunters Glen, an 896-unit garden apartment community in Plainsboro Township, N.J. The deal represents the firm’s first investment in New Jersey and a continuation of its East Coast expansion.
Hunters Glen, built in 1978, is located at 1109 Hunters Glen Drive. The community consists of 61 two-story wood frame buildings on a 52.7-acre site. The property offers a mix of well-sized one-bedroom, two-bedroom/one-bath and two-bedroom/two-bath units.
Plainsboro, which is roughly equidistant between New York and Philadelphia, has been an active market for apartment investors recently. In a recent example, Kushner Cos. acquired the 1,032-unit Quail Ridge Apartments from Angelo Gordon & Co. for $190 million in September.
Planned Upgrades
For Carmel, the 70s-vintage Hunters Glen is a value-add play. The company says it plans to reposition the property by updating interiors, renovating the exterior and improving amenities, which include three resort-style pools, recently installed grills and access to adjacent public ball fields and courts, playgrounds, walking trails and a golf course.
“We were able to acquire a property in a supply-constrained area at a discount to replacement cost, and we can now proceed to add value through renovations, marketing and an experienced property management team,” said Trey Hilberg, senior vice president & head of Investments for Carmel Partners.
Image courtesy of Yardi Matrix
