3000 Goldfinch Drive in Princeton Junction — Courtesy: JLL
By Joshua Burd
A luxury apartment complex near Princeton is on the market with a projected sale price of around $90 million, providing an opportunity for investors in the supply-constrained submarket.
Brokers with JLL say the property, located at 3000 Goldfinch Drive in the Princeton Junction section of West Windsor, includes 232 high-end apartments and a long list of amenities. The three-year-old Parc at Princeton Junction development is 99 percent leased, thanks in large part to its proximity to major corporate employers, area highways and mass transit.
The marketing team added that net effective rents at the complex have increased 7.8 percent in the past six months, while occupancy and collections have remained at all-time highs.
“The property appeals to a diverse demographic including young professionals, young families and empty nesters downsizing, all of whom are employed among the Princeton area’s numerous corporate and biomedical business campuses,” JLL wrote in its offering materials. “The broader Princeton/Route 1 corridor is a key employment hub within the region, driven mostly by high-paying white collar jobs within the finance and pharmaceutical sectors that dominate the Route 1 employment base.
“Based on this strong employment base, the property and submarket have experienced no long-lasting effects from COVID.”
Amenities at the complex include a saltwater pool, a 24/7 fitness center and a two-story luxury clubhouse, JLL said, adding that the property also features nearly 20,000 square feet of retail space. Ownership also provides a free shuttle service for residents to the Princeton Junction train station, which is less than a mile away and provides direct service to New York Penn Station.
JLL, meantime, pointed to the Princeton area’s affluent demographics and the lack of new apartment supply. Over the past seven years, the firm said, the submarket has added an average of less than 1 percent of inventory annually, with only 0.4 percent of total inventory added in the past four years.
Residents are minutes from a vast selection of retail, Route 1 and the offerings of downtown Princeton, along with three major higher education institutions and the new University Medical Center of Princeton.
The JLL team representing the seller includes Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli and Michael Kavanagh, with support from Matthew Pizzolato of the firm’s debt and equity placement group.