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.
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.