FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Steward’s Crossing, a 240-unit multi-housing community in Lawrenceville, Mercer County, New Jersey.
The HFF team marketed the property exclusively on behalf of the seller, Merion Realty Partners and a joint venture partner. Berkshire Group purchased the property.
Steward’s Crossing is located at 1000 Stewards Crossing Way in the affluent Princeton submarket of Lawrenceville, less than one mile from Route 1, Interstate 95 and Interstate 295. The property’s proximity to both Princeton and the state capital of Trenton provides access to numerous employment and commercial drivers as well as Princeton University. Totaling 240 homes spread throughout 12 buildings and 24 acres, the property has a wooded, park-like atmosphere and best-in-class amenities, including a spacious clubhouse, 24-hour fitness center, tennis court, swimming pool with sundeck, outdoor lounge with Wi-Fi, grilling area, dog park, walking paths and covered parking. Steward’s Crossing has a diverse mix of one-, two- and three-bedroom floor plans, which feature renovated kitchens and bathrooms, in-unit washers and dryers, and walk-in closets, with some also equipped with fireplaces, vaulted ceilings, and patios or balconies.
The HFF investment advisory team representing the seller included Michael Oliver, Jose Cruz, Kevin O’Hearn and Steven Simonelli, all working closely with HFF’s Philadelphia multi-housing team, including Mark Thomson, Carl Fiebig and Fran Coyne.
“The greater Princeton area has incredible fundamentals and is one of the New Jersey’s strongest multi-housing submarkets,” Oliver said. “We have seen an increased appetite from institutional capital within the region. Berkshire will have great success continuing the efforts of the sellers at the property.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
About Merion Realty Partners: Merion Realty Partners (Merion) was established in 2011 as a vertically integrated real estate investment and management platform. Merion is a sponsor of multifamily-focused investment funds and joint ventures dedicated to pursuing and operating investment opportunities for institutional and high-net-worth investors. As of June 2018, Merion has, on behalf of investors and joint venture partners, acquired 37 apartment communities with a total acquisition value of approximately $860 million. Merion primarily targets value-add apartment projects located in select suburban markets focused in the Southeast, Mid-Atlantic and Northeast regions.
In addition to sponsored investments, Merion has served as asset manager of a diverse portfolio of real estate assets, including multifamily, hospitality, single-tenant net-leased assets, medical office, retail and gaming owned by funds affiliated with CMS Companies. Merion Realty Advisers, LLC is an SEC-registered investment adviser providing services to certain Merion managed assets, funds and joint ventures.
About Berkshire Group: Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies and operational experience. The company has experience in disciplines, including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of March 30, 2018, Berkshire Group had approximately $7.3 billion in real estate assets under management. For more information on Berkshire, please visit berkshire-group.com.
About HFF: HFF and its affiliates operate out of 26 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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.