KRE Group, Oxford Realty Acquire NJ Community for $107M
- Dec 03, 2015
Piscataway, N.J.—The KRE Group and Oxford Realty Group, in partnership with Blue Vista Capital Management, have acquired the 550-unit Royal Gardens Apartments for $107.2 million from a private seller represented by Joseph Brecher of Gebroe-Hammer Associates. The property, located at 3060 New Brunswick Ave. in Piscataway, comprises 258 one-bedroom units and 292 two-bedroom units on a 36-acre site.
Piscataway is a township in northwestern New Jersey. The community is currently 96 percent occupied, and includes surface parking for all residents and additional spaces for guests. The partnership plans to install additional amenities, such as an outdoor swimming pool and make other property improvements.
“Our acquisition strategy is flexible and opportunistic,” said Darin Raiken, director of acquisitions for KRE. “We identified Royal Gardens as a value-add opportunity,” and the acquisition allows KRE to maintain a balanced portfolio of residential assets, including both new development properties and value-added acquisitions.
Bridgewater, N.J.-based KRE has a long-standing relationship with Oxford Realty Group, which is based in Highland Park, N.J. The two have previously developed and owned multifamily properties in partnership with each other.
KRE has also been one of New Jersey’s most prolific developers in recent years. The company has been particularly active in Jersey City, developing and leasing such residential developments such as 18 Park, 225 Grand and Grove Pointe. It is currently developing Journal Squared, which are three residential towers in Jersey City’s Journal Square neighborhood that will ultimately comprise 1,838 rental units and 36,000 square feet of commercial space.
Other KRE projects in development include Madison Farms, a 100-acre mixed-use property in Bethlehem Township, Pa., which will include 837 units and 140,000 square feet of retail space; and Hudson Lights, a 1-million square-foot mixed-use project in Fort Lee, N.J.