Carmel Partners Acquires 896-Unit Hunters Glen Garden Apartment Community in New Jersey

PLAINSBORO, NJ - Carmel Partners, a leading real estate investment manager and multifamily specialist, announced it has acquired Hunters Glen, an 896-unit garden apartment complex, well-located in the community of Plainsboro, New Jersey. The acquisition represents Carmel’s first investment in New Jersey and a continuation of its East Coast expansion. Terms of the transaction were not disclosed.

Hunters Glen, built in 1978, is a multifamily residential apartment property located at 1109 Hunters Glen Drive. The complex, situated in a park-like setting with mature trees, consists of 61 two-story wood frame buildings covering a 52.7-acre site in Plainsboro Township. The property offers a mix of well-sized one-bedroom, two-bedroom/one-bath and two-bedroom/two-bath units. It is located three miles from Route 1, the main employment corridor within the area, five miles from Princeton University, and within a few miles of a major medical center. Plainsboro, in central New Jersey, is equidistant from both New York City and Philadelphia.

Carmel plans to reposition the property, updating interiors, renovating the exterior and improving amenities, which include three resort-style pools, recently installed grills, and access to adjacent public ball fields and courts, playgrounds, walking trails and a golf course.

Trey Hilberg, Senior Vice President and Head of Investments for Carmel Partners, said, “We are excited to make Hunters Glen our debut investment in New Jersey. 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.”

The property was marketed by HFF. The HFF investment advisory team representing the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.

“Hunters Glen provides wonderful upside through unit renovations and upgrading of the amenities. 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,” stated Mr. Cruz.