Berkshire Stewards Crossing at 1000 Stewards Crossing Way in Lawrence Township — Courtesy: JLL
By Joshua Burd
An investment manager has sold a recently upgraded, 240-unit apartment property in Mercer County, under a transaction arranged by JLL.
The brokerage firm, which represented Berkshire Residential Investments in the deal, said the Lawrence Township site includes 204 market-rate and 36 affordably priced units in a mix of one-, two- and three-bedroom homes. A private buyer purchased what’s known as Berkshire Stewards Crossing at 1000 Stewards Crossing Way, which is less than a mile from Route 1 and interstates 95 and 295, allowing residents to reach both New York City and Philadelphia in under an hour.
Terms were not disclosed.
“We continue to see incredible demand for value-add properties in strong suburban locations within the (New York City metropolitan area),” JLL’s Michael Oliver said. “Pricing is significantly stronger then pre-COVID levels.”
Oliver represented the seller alongside Jose Cruz, Steve Simonelli, Kevin O’Hearn and Grace Braverman of the firm’s capital markets team. They noted that the seller recently upgraded the apartments, which are part of a supply-constrained submarket less than 10 miles from downtown Princeton, while providing easy access to the area’s pharmaceutical and life sciences employers.
Amenities at Berkshire Stewards Crossing include a pool, a fitness center, a volleyball court, a grill area with a fire pit and outdoor lounge, a dog run, bike racks and walking paths.