NJ Community Changes Hands in $73M Deal
The Addison at Princeton Meadows was built in 1981 and offers studios and one- and two-bedroom units. It was purchased free and clear of existing debt.
By Mihaela Coste
Kushner Real Estate Group and Oxford Realty Group purchased The Addison at Princeton Meadows from Harbor Group International LLC. The 439-unit Plainsboro, N.J., community went for $73.3 million, free and clear of existing debt. Gebroe-Hammer Managing Director Joseph Brecher represented the buyers, while an HFF investment sales team including Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and directors Michael Oliver and Steve Simonelli of HFF represented the seller.
Brecher has worked previously with KRE and Oxford in Plainsboro, having brokered the companies’ purchase of Deer Creek Apartments in February 2016. HFF brokered Harbor Group’s purchase of The Addison in 2014, according to Yardi Matrix data, acquiring the community from Angelo Gordon & Co. for $62.2, or $142,159 per unit. The deal was subject to a $46.9 million loan held by New York Community Bank.
Located at 1912 Pheasant Hollow Drive, within three miles of U.S. Route 1 and two minutes from downtown Plainsboro, The Addison at Princeton Meadows was built in 1981 and offers studios and one- and two-bedroom units averaging 759 square feet. The apartments feature new countertops, private balconies and patios, expansive closets, hardwood floors, high-speed internet access and full-size washer/dryer in some selected units. Amenities include a fitness center, outdoor adult and children’s pools with sundeck, basketball and tennis courts, playground, dog park and a stand-alone rental office. Occupancy rate at The Addison is currently at 96.4 percent, maintaining the same value since December 2016, Yardi Matrix shows.
“The demand for core-plus multifamily in the state of New Jersey remains very high, and investors are continuing to underwrite renovation premiums,” said Cruz in a prepared statement.
Headquartered in Norfolk, Va., Harbor Group International controls a portfolio of worldwide assets valued in excess of $4.7 billion, including approximately 22,000 apartment units and 4.7 million square feet of commercial properties.
KRE and Oxford are both based in New Jersey. KRE, headquartered in Bridgewater, N.J., owns more than 100 residential, retail and commercial properties in New York, New Jersey, and Pennsylvania. Oxford focuses on developing luxury and boutique residential rental communities throughout New York, New Jersey and Pennsylvania.
Images courtesy of Harbor Group Management