Berkshire Stewards Crossing at 1000 Stewards Crossing Way in Lawrence Township — Courtesy: JLL
By Joshua Burd
The owner of a 240-unit luxury apartment complex in Mercer County is seeking a buyer for the property, in a newly announced offering by JLL’s New Jersey capital markets team.
Located at 1000 Stewards Crossing Way in Lawrence Township, the 12-building complex known as Berkshire Stewards Crossing is expected to draw offers around $68 million. Brokers with JLL noted that the community is 98 percent occupied, thanks in part to a location less than a mile from Route 1 and interstates 95 and 295.
“The property is located in one of the strongest apartment submarkets in the state and is conveniently situated minutes from major highways, the Princeton employment hub and area amenities,” JLL said in its offering materials, later adding: “The property is well positioned to benefit from the dynamic, city-to-suburb movement from dense urban metro area locations to affluent suburban communities while still being in close proximity to the urban employment hubs such as Manhattan.”
Berkshire Stewards Crossing is home to one-, two- and three-bedroom units with upscale finishes and appointments, JLL said, adding that the property “offers upside potential with a proven track record from an ongoing renovation program” focused on its interior spaces such as the living and kitchen area. The site is also home to amenities such as a volleyball court surrounded by a private park with grilling stations, a pool area with an outdoor lounge, a sundeck and a seating area, along with a 24-hour fitness center.
The brokerage team added that the complex, built in 1991, sits in a submarket with single-digit vacancy rates.
The JLL marketing team includes Michael Oliver, Jose Cruz, Kevin O’Hearn, Steve Simonelli, J.B. Bruno and Grace Braverman, along with Matthew Pizzolato and Max Custer from the firm’s debt and equity group in New Jersey.