By Joshua Burd
An investment group has sold a 704-unit garden apartment complex in Plainsboro for $145 million, marking the latest high-profile trade of a large multifamily asset in the township.
Harbor Group International LLC on Thursday announced the sale of The Crest at Princeton Meadows, a complex of 37 three-story buildings along Ravens Crest Drive. An undisclosed buyer acquired the property, which was built in 1985 but was recently updated.
“Located in a prominent submarket with a high barrier to entry, The Crest generated significant value for our investors,” said Richard Litton, president of Harbor Group International. “We will continue our strategic approach to developing specific business plans for our properties and maximize our assets to achieve high returns on our investment goals.”
Harbor Group, a private investment management firm based in Norfolk, Virginia, acquired The Crest in 2015. The company went on to invest $6.2 million in order to maintain interior renovations and enhancements at the complex.
The property benefits from its proximity to Princeton and the region’s affluent, highly educated workforce. Other garden apartment sales in the township have exceeded $100 million in recent years, including the $146 million trade of Quail Ridge apartments in 2017 and last year’s $150 million sale of Hunters Glen, an 896-unit complex.
