The Harrison at 575 Easton Ave. in Franklin — Courtesy: HFF
By Joshua Burd
The developer of an apartment tower just outside New Brunswick has sold the building for $54 million, in a deal brokered by HFF’s New Jersey office.
The firm said it represented the seller of the 316-unit, 20-story building at 575 Easton Ave. in Franklin Township. The undisclosed buyer purchased the asset free and clear of existing debt and is acquiring a property that is 95 percent leased.
Known as The Harrison, the tower is less than a mile from Rutgers University and downtown New Brunswick, HFF said in a news release. The seller built the property in 1974 and most recently renovated it in 2015.
The HFF investment sales team representing the seller was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and Associate Director Marc Duval.
“This transaction reflects the strong demand for quality buildings with upside through unit renovations,” O’Hearn said in a prepared statement. “The seller built a great asset, which is now going to be further upgraded to compete with some of the new supply in downtown New Brunswick.”
The 11.4-acre property has views of the Raritan River, Rutgers Stadium and downtown New Brunswick and is accessible to major highways, including interstates 95 and 287 and routes 18 and 1, HFF said. The Harrison has a mix of studios, one-bedroom and two-bedroom units, with the previous owner having renovated various units during the past eight years.
Amenities include a newly renovated clubhouse, outdoor pool, parking garage and others.
HFF said the buyer plans to make further upgrades.
