3000 Goldfinch Drive in Princeton Junction — Courtesy: JLL
By Joshua Burd
A joint venture has sold a three-year-old, 232-unit luxury apartment property outside Princeton for more than $90 million, in a newly announced transaction by JLL.
Brokers with the firm represented Toll Brothers Apartment Living and The Davis Cos. in the deal at 3000 Goldfinch Drive, the site of what’s known as Parc at Princeton Junction. The buyer, whose name was not disclosed, paid $92.15 million for the collection of one-, two- and three-bedroom apartment homes in the Princeton Junction section of West Windsor.
The property also includes 19,913 square feet of ground-floor retail space.
“The Princeton multi-housing submarket has shown incredible fundamentals over the last 12 months with strong occupancy and outsized rent growth,” said Michael Oliver, a managing director with JLL. “Coupled with the strong capital markets environment, this has resulted in incredible demand in the area from the investment community.”
The JLL team also included senior managing directors Jose Cruz and Kevin O’Hearn, along with Managing Director Steve Simonelli. They noted that Parc at Princeton Junction, along with its upscale apartments, features amenities such as a swimming pool, a fitness center and a two-story clubhouse, among many others.
Ownership provides a free shuttle service for residents traveling to the Princeton Junction train station, which is three quarters of a mile away, providing direct service to New York Penn Station and other stops such as New Brunswick, Metropark, Newark Airport and Newark Penn Station. Residents are also minutes from the vast number of corporations, health care providers and academic institutions located on and around Route 1.