Carmel Partners Expands Into NJ
- Feb 02, 2018
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.
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