Copperwood Apartments at 300 Bunn Drive in Princeton — Courtesy: Shamah Properties
By Joshua Burd
An investment firm has added to its holdings in New Jersey with its purchase of a six-year-old, 153-unit luxury apartment complex in Princeton for more than $70 million.
The Edison-based buyer, Shamah Properties, said its newly acquired Copperwood Apartments comprises five buildings on 30 acres. It also noted that the collection of studio, one-bedroom and two-bedroom units, located at 300 Bunn Drive, is minutes from Route 1 and the municipality’s acclaimed downtown.
“Shamah Properties purchased Copperwood because it is a core asset located in an established growing market where we see much growth potential,” said Edward Setton, the firm’s director of acquisitions and chief financial officer. “We are also looking to buy more multifamily properties in New Jersey, Philadelphia, Connecticut, North Carolina, Atlanta and parts of Florida.”
The company announced the $70.35 million purchase on Wednesday, noting that the buildings are linked by landscaped walkways and seating areas as well as an underground garage that spans all of the apartments. The complex also includes 30 acres of preserved woodland and offers residents outdoor exercise paths, a fitness center and grilling areas.
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