Hunters Glen, located at 1109 Hunters Glen Drive in Plainsboro
By Joshua Burd
Another real estate investment firm has made its first foray into New Jersey, acquiring a nearly 900-unit garden apartment complex in Plainsboro.
The San Francisco-based firm, Carmel Partners, announced Thursday that it acquired the Hunters Glen community at 1109 Hunters Glen Drive. The deal represents its first investment in New Jersey and a continuation of its East Coast expansion.
The HFF team representing the seller included Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
Built in the late 1970s, Hunters Glen consists of 61 two-story, wood frame buildings covering 52.7 acres in the Middlesex County suburb. Carmel said it plans to reposition the property by updating interiors, renovating the exterior and improving amenities.
The firms involved with the sale did not disclose the price, but the property reportedly traded for around $150 million.
“We are excited to make Hunters Glen our debut investment in New Jersey,” said Trey Hilberg, senior vice president and head of investments for Carmel Partners. “We were able to acquire a well-built property in a supply-constrained area at a discount to replacement cost, and we can now proceed to add value through renovations, upgrades, marketing and an experienced property management team.
“We look forward to making Hunters Glen the residence of choice for people attracted to this vibrant community.”
HFF had been marketing the property since late last summer, touting high occupancy rates and large rental growth due to a tenant base that draws from the many technology, pharmaceutical and Fortune 500 firms nearby.
The property has a mix of one- and two-bedroom apartments, with amenities including three outdoor swimming pools, an on-site leasing office and five laundry rooms, while sitting immediately adjacent to George Davidson Park and Princeton Meadows Golf Course.
“Hunters Glen provides wonderful upside through unit renovations and upgrading of the amenities,” Cruz said. “That, combined with a lack of significant future development in the submarket and access to the major highways, made this investment very attractive to investors.”
The sale comes less than a month after another San Francisco-based firm, Friedkin Realty Group, made its entrance to New Jersey with the acquisition of a 170-unit complex in Cherry Hill. The seller, Equity Residential, was also represented by HFF.
Equity Residential sells 170-unit Cherry Hill complex for $35 million
