Addison at Princeton Meadows at 2821 Pheasant Hollow Drive in Plainsboro — Courtesy: JLL
By Joshua Burd
Kushner Real Estate Group and Goldman Sachs Asset Management have sold a 440-unit garden apartment complex in Plainsboro, reportedly for $115 million, in a deal arranged by JLL.
The trade of Addison at Princeton Meadows, located at 2821 Pheasant Hollow Drive, comes six years after the joint venture purchased the collection of studio, one-bedroom and two-bedroom homes for $73.3 million. Brokers with JLL represented the sellers in the transaction, touting recent updates and a location that is minutes from downtown Princeton.
“The Addison provided investors with the opportunity to acquire a quality multi-housing asset in a strong institutionally owned submarket with significant rental upside,” said JLL Senior Managing Director Jose Cruz, who worked alongside senior managing directors Steve Simonelli and Michael Oliver and Director Elizabeth DeVesty to complete the deal.
GFI Realty Services’ Allan Szlafrok, Eli Maryl, Ohad Babo and Michael Weiser advised the buyer, Colony Hills Capital, in the $115 million deal.
In a news release, the brokerage team said Addison at Princeton Meadows consists of two-story buildings developed in 1979. Most of the units are recently renovated, while the property has amenities such as an outdoor swimming pool with a fire pit, tennis and basketball courts, a dog park and a fitness center, among others.
Additionally, the community is fully approved for the construction of a modern, high-end clubhouse, which will house a new fitness center and lounge for residents. It’s also adjacent to an 18-hole golf course, The Meadows at Middlesex, while providing quick access to Princeton’s shops, restaurants and top-tier schools and to the Route 1 commercial corridor.
“We were fortunate to partner with Goldman Sachs on the Addison as they were consummate professionals through acquisition, asset management and disposition,” said Jonathan Kushner, KRE Group’s president. “Additionally, JLL did an incredible job in helping us successfully sell the asset in a very difficult capital markets environment.”
Michael Weiser, president of GFI Realty, added: “The asset was widely marketed for some time due to the difficult capital markets environment. GFI Realty came in and successfully identified a buyer and brought the deal to a close despite the roller coaster interest rate environment.”
KRE, Goldman acquire 439-unit Plainsboro community for $73.3 million
