Holliday Fenoglio Fowler, L.P. (HFF) announces the $146 million closing of Quail Ridge Apartments, a 1,032-unit, garden-style apartment community in Plainsboro.
The HFF team marketed the property exclusively on behalf of the seller, a joint venture between Angelo Gordon & Co., L.P. and Candlebrook Properties, LLC. Kushner Companies purchased the asset assuming the in-place debt.
Quail Ridge Apartments is comprised of 54 two- and three-story residential buildings consisting of a mix of studio, one- and two-bedroom units averaging 741 square feet in size. The community, which has undergone significant capital improvements since 2000, features two swimming pools with sundecks, six tennis courts, basketball court, two playgrounds, children’s clubhouse, fitness center, dog parks and golf course views within a park-like setting. Situated on 51.7 acres at 2005 Quail Ridge Drive in the Princeton submarket of Middlesex County, the property is adjacent to the Meadows at Middlesex Golf Course and is within five miles of major roadways, including Interstate 95 (New Jersey Turnpike) and Route 1, providing access into New York City and Philadelphia in less than an hour. Additionally, the property is approximately 5.5 miles from Princeton University’s main campus and the Princeton Junction transit station.
The HFF investment sales team representing the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Plainsboro multi-housing locations are considered among the most sought after in central New Jersey given the school districts, access to the workforce and adjacent retail/restaurants,” Cruz said. “The investment community aggressively bids on these types of deals when they become available.”
Holliday Fenoglio Fowler, L.P. and Holliday GP Corp are licensed New Jersey real estate brokers.