JV Nabs NJ Community for $70M
- Mar 24, 2017
Springfield, N.J.—The KRE Group, in partnership with Avenue Realty Capital, acquired Summit Hill, located at 100 Stone Hill Road in Springfield, N.J., for $70 million.
The 228-unit garden-style apartment community offers one-, two- and three-bedroom floorplans ranging from 980 to 1,460 square feet. Originally built in 1968, the 19 two- and three-story buildings are 97.4 percent occupied, according to Yardi Matrix. Residents have access to amenities such as a tennis court, swimming pool, five laundry facilities and 265 parking spaces.
The partners plan on upgrading the community to include a clubhouse and state-of-the-art fitness center. The property will also undergo renovations to the interior and exterior, such as new kitchen and bathroom finishes, washer/dryers, new roofs, parking, sidewalk repairs and landscaping upgrades.
Summit Hill is the latest of three garden apartment acquisitions in New Jersey that KRE has completed, totaling $222 million and comprising 1,065 apartment units. The other two properties include Deer Creek, a 288-unit community in Plainsboro and Royal Gardens, a 550-unit community in Piscataway.
“Summit Hill is a great fit for our value-add portfolio given its location in a high-demand, supply-constrained market. Like Deer Creek and Royal Gardens, we can create value through investment in unit renovations and other capital improvements,” Darin Raiken, director of acquisitions for The KRE Group, told Multi-Housing News. “In addition, Summit Hill’s expansive grounds and beautiful wooded setting provide us with the opportunity to add amenities to offer a truly unique tenant experience within the local rental market.”
Image courtesy of Yardi Matrix