Berkshire Group Grabs NJ Community
- Oct 04, 2018
Berkshire Group has purchased Steward’s Crossing, a 240-unit community in Lawrenceville, N.J. The seller was a joint venture between Merion Realty Partners and AllianceBernstein.
Located on 24 acres at 1000 Stewards Crossing Way in the Princeton submarket, Steward’s Crossings is in the vicinity of major thoroughfares such as Route 1 and interstates 95 and 295. With Princeton, N.J., and Trenton, N.J., less than 7 miles away, the area has access to major employers including Bristol-Myers Squibb, Berlitz Corp. and Merrill Lynch, retailers and universities such as Princeton University and Rider University.
The 12-building property encompasses one- to three-bedroom units featuring renovated kitchens and bathrooms, in-unit washers and dryers as well as walk-in closets. Some apartments include fireplaces, vaulted ceilings and patios or balconies. Community amenities include:
- 24-hour fitness center
- tennis court
- swimming pool with sundeck
- outdoor lounge
- grilling area
- dog park
- walking paths
- 400-spot parking garage
HFF’s Michael Oliver, Jose Cruz, Kevin O’Hearn and Steven Simonelli, alongside Mark Thomson, Carl Fiebig and Fran Coyne represented the seller. In a recent deal, HFF also brokered the sale of a community in Alexandria, Va.
“The greater Princeton area has incredible fundamentals and is one of the New Jersey’s strongest multi-housing submarkets,” Oliver said in a prepared statement.
Image courtesy of Yardi Matrix