FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $73.25 million sale of The Addison at Princeton Meadows, a 439-unit, garden-style apartment community in Plainsboro, New Jersey.
HFF represented the seller, Harbor Group International, LLC. A private buyer purchased the asset free and clear of existing debt. HFF previously brokered the sale of the property to the seller in 2014.
The Addison at Princeton Meadows is located at 1912 Pheasant Hollow Drive within three miles of Route 1 and two minutes from downtown Plainsboro. Situated in the affluent Princeton submarket, the property includes studio, one- and two-bedroom units averaging 759 square feet each. Community amenities include a fitness center, outdoor adult and children’s pools, and basketball and tennis courts. Additionally, the property is adjacent to Meadows at Middlesex, an 18-hole public golf course.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and directors Michael Oliver and Steve Simonelli.
“The demand for core plus multifamily in the State of New Jersey remains very high and investors are continuing to underwrite renovation premiums,” stated Cruz.
About Harbor Group International, LLC: Harbor Group International, LLC is a private real estate investment and management firm, which controls a portfolio of worldwide assets valued in excess of $4.7 billion. HGI is headquartered in Norfolk, Virginia, with offices in New York, Baltimore and Tel Aviv. The company’s real estate holdings include approximately 4.7 million square feet of commercial properties and in excess of 22,000 apartment units. For additional information, please visit www.harborgroupint.com.
About HFF: Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.