Eaves Lawrenceville at 1000 Town Court South in Lawrenceville — Courtesy: JLL
By Joshua Burd
AvalonBay Communities Inc. has sold a 19-building, 632-unit apartment development just outside Princeton, in a newly announced transaction by JLL.
Located at 1000 Town Court South in Lawrenceville, the property known as Eaves Lawrenceville sits on nearly 47 acres less than a mile from Route 1. It’s now providing a value-add opportunity for the undisclosed buyer, the brokerage team said, adding that the collection of one-, two- and three-bedroom homes was built in two phases in 1992 and 1996.
JLL Senior Managing Director Jose Cruz, managing directors Michael Oliver and Steve Simonelli and Senior Managing Director Kevin O’Hearn led the team representing the seller.
“The incredible demand for multi-housing in central New Jersey has continued into the fourth quarter of this year, with multiple bidders pursuing Eaves Lawrenceville in the marketing process,” Cruz said. “The pricing reflects the continued influx of equity and debt for value-add properties that need renovation capital.”
Terms were not disclosed, but the property hit the market this past summer with the potential to sell for around $200 million.
In announcing the deal, JLL noted that Lawrenceville is adjacent to Princeton and minutes from Princeton University. Residents of the complex have easy access to the region’s employment hubs and are seven minutes from NJ Transit’s Princeton Junction station, which offers direct service to both New York City and Philadelphia.
Amenities at Eaves Lawrenceville include two standalone clubhouses, two outdoor swimming pools, a fitness center, a game room, three grilling areas and a dog park, among others. The property also features surface, garage and carport parking.
“This transaction represents the fifth significant multi-housing sale in the Princeton area in 2021, illustrating the incredible demand from capital in this flourishing submarket,” Oliver said.