The Mercer at Lawrence Station at 100 Avalon Bay Drive in Lawrenceville — Courtesy: JLL
By Joshua Burd
A sprawling complex of more than 300 luxury apartments in Lawrenceville is on the market for sale, in an offering by JLL’s New Jersey capital markets team.
Located at 100 Avalon Bay Drive, the 69-acre property is home to 312 units across 16 three-story buildings. JLL pitched the asset, known as The Mercer at Lawrence Station, as a value-add opportunity with attractive demographics, citing its proximity to the Route 1 commercial corridor and a location 15 minutes from downtown Princeton.
The collection of one-, two- and three-bedroom apartments and townhomes was built in 2003.
“The seller has implemented a successful value-add program through unit renovations, including updated floors, new counter tops, installation of microwaves, upgraded stainless steel appliances as well as new light fixtures and cabinetry hardware,” JLL wrote in its recent offering materials. “These programs have yielded a significant return on cost and will provide additional revenue growth for future investors.”
The marketing team said The Mercer at Lawrence Station has attracted young professionals, young families and empty-nesters employed by the area’s many corporate and biomedical business anchors. The average household income within a five-mile radius of the property is $133,994 annually, which is more than twice the estimated average household income for the nation.
Amenities at the complex include a modern fitness center, an indoor basketball court, a lounge and an outdoor heated swimming pool, among others.
The JLL marketing team includes Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli and Nicholas Stefans, along with Matthew Pizzolato from its debt and equity placement group.