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| Photo by Christian Garibaldi The Crest at Princeton Meadows, 3217 Ravens Crest Drive, Princeton submarket, Plainsboro, NJ |
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| Jose Cruz |
FLORHAM PARK, NJ –
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of The Crest at Princeton Meadows, a
704-unit, garden-style apartment community in Plainsboro, New Jersey.
HFF marketed the property
on behalf of the seller. A joint venture
between Harbor Group International and Azure Partners purchased the asset free
and clear of existing debt.
The Crest at Princeton
Meadows is 94 percent leased and has 37 two- and three-story residential
buildings housing one- and two-bedroom units averaging approximately 830 square
feet each.
The community, which has undergone significant
capital improvements since 2012, features amenities such as an outdoor swimming
pool with sundeck, barbecue grills, tennis courts, volleyball court, putting
green and playground.
Situated on 40 acres at 3217 Ravens Crest
Drive in the Princeton submarket of Middlesex County, the property is adjacent
to the Meadows at Middlesex Golf Course and is approximately one mile from
Route 1.
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| Kevin O'Hearn |
Additionally, the property is
within six miles of Princeton University’s main campus and the Princeton
Junction transit station.
The HFF investment sales
team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, associate directors Michael Oliver and Steve Simonelli and supported by senior managing director Andrew Scandalios.
“With this transaction,
the seller successfully executed their business plan for this property that
began in 2012. The Crest was acquired as
a repositioning play in Plainsboro and was sold as a premiere asset with future
upside,” stated Cruz. “Harbor Group and
Azure performed flawlessly and closed as expected.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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