Steward’s Crossing in Lawrenceville — Courtesy: HFF
By Joshua Burd
An investment group has acquired a 240-unit apartment community in Lawrenceville, in a transaction arranged by brokers with HFF.
The capital markets firm on Wednesday said it represented Merion Realty Partners and a joint venture partner in the sale of Steward’s Crossing, which is located at 1000 Stewards Crossing Way. Berkshire Group purchased the property — which is less than a mile from Route 1 and interstates 95 and 295 — for an undisclosed price.
The HFF team included Michael Oliver, Jose Cruz, Kevin O’Hearn and Steven Simonelli, all of whom worked closely with HFF’s Philadelphia multi-housing team including Mark Thomson, Carl Fiebig and Fran Coyne.
“The greater Princeton area has incredible fundamentals and is one of the New Jersey’s strongest multi-housing submarkets,” Oliver said. “We have seen an increased appetite from institutional capital within the region. Berkshire will have great success continuing the efforts of the sellers at the property.”
In a news release, HFF touted Steward’s Crossing’s location in the affluent Princeton area, with proximity to Trenton and Princeton University. The complex spans 240 homes spread across 12 buildings and 24 acres, offering high-end apartments and amenities such as a clubhouse, a 24-hour fitness center, tennis court, swimming pool with sundeck and outdoor lounge.