Eaves Lawrenceville at 1000 Town Court South in Lawrence Township — Courtesy: JLL
By Joshua Burd
A collection of more than 630 apartments just outside Princeton is on the market for sale, with the potential to command offers around $200 million.
Brokers with JLL say Eaves Lawrenceville, located at 1000 Town Court South in Lawrence Township, is a mix of one-, two- and three-bedroom homes near the intersection of Route 1 and Interstate 295. The 632-unit property sits on nearly 47 acres and was built in two phases in 1992 and 1996, providing what the firm says is a value-add opportunity in a top-tier location.
“The property benefits from a prime location within the Princeton submarket, and is located next to the town of Princeton, one of the most affluent towns in the country with a vibrant downtown that features numerous shops and restaurants, and is home to the prestigious Princeton University,” JLL wrote in its offering materials, later adding: “Eaves Lawrenceville appeals to a primary resident base of young professionals employed among the Princeton area’s numerous corporate and biomedical business campuses.”
The property, which is 100 percent market-rate, currently has rents of $1,918 and some 20 percent below a competitive set of nearby properties in the Princeton submarket, JLL said. The firm noted that a new owner could realize rent increases through apartment renovations.
Amenities at Eaves Lawrence include two standalone clubhouses, two outdoor swimming pools, a fitness center, a game room, three barbeque areas and a dog park, among others. The property also features surface, garage and carport parking.
JLL’s Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli and Josh Stein are leading the marketing team on behalf of the seller.