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| Steward's Crossing Apartments, Lawrenceville, Mercer County, NJ |
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| 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.
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| 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.
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| 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.”
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| 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.
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| 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.
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| 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.
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| Fran Coyne |
CONTACTS:
MICHAEL OLIVER
NJ Lic. #0682428
HFF Senior Director
(973) 549-2000
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500
