Done Deals: HFF announces the sale of 240-unit apartment community in Lawrenceville, NJ

Saturday, October 6, 2018

HFF announces the sale of 240-unit apartment community in Lawrenceville, NJ

Steward's Crossing Apartments, Lawrenceville, Mercer County, NJ

Michael Oliver

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.

Jose Cruz

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.

Kevin O'Hearn

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.”

Stephen Simonelli

HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.

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.

Mark Thomson

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.

Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience.

Carl Fiebig

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.