A rendering of The Luxe at Ewing Station at 12 Railroad Ave. in Ewing — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased a multifamily development site in Mercer County, under a newly announced transaction by Marcus & Millichap.
The brokerage firm said the property, located at 12 Railroad Ave. in Ewing, is the future home of a 59-unit complex known as The Luxe at Ewing Station. Located steps from SEPTA rail service, which provides a direct trip to Philadelphia, the site will also house ground-floor retail space.
“The new development will revitalize the former 86-year-old Freddie’s Tavern positioned to offer a modernized retail and dining options with the apartments above,” Marcus & Millichap’s Chez Eider said. “This project will further enhance the Ewing community as a live-work-play environment providing the best option to live steps away from the West Trenton Station.”
Eider represented the seller alongside Jason Petrick, also of the firm’s New Jersey office. The team noted that The Luxe at Ewing Station is about a mile from the new Ewing Town Center, an 80-acre redevelopment of the former General Motors plant that will yield 1,200 apartments and 120,000 square feet of retail space.
“Demand for multifamily development sites is outpacing the supply with aggressive competition from national, regional and local developers,” Petrick said.
Eider added that the brokerage team continues to see strong demand from institutional and private equity investors to acquire multifamily projects “upon various stabilization stages.”
