JLL Capital Markets announced that it has closed the sale of Berkshire Stewards Crossing, a 240-unit, luxury, value-add multihousing community in the Princeton submarket of Lawrence Township, New Jersey.
JLL marketed the property on behalf of the seller, Berkshire Residential Investments. A private buyer acquired the asset.
Berkshire Stewards Crossing offers 204 market-rate and 36 affordable units in a mix of one-, two- and three-bedrooms averaging 872 square feet. The property recently underwent a proven value-add renovation program through the upgrade of community as well as an interior unit renovation program. The apartments contain in-unit washer and dryers, walk-in closets, patio/balconies, wood burning fireplaces, vaulted ceilings and fenced-in yards. The property amenities include a pool, fitness center, volleyball court, grill area with firepit and outdoor lounge, dog run, bike racks and walking paths.
Located at 1000 Stewards Crossing Way, Berkshire Stewards Crossing is situated in a prime location less than one mile from Route 1 and Interstates 95 and 295 with convenient access to the area’s dominant pharmaceutical and life sciences employers. The property’s central location allows resident to reach Princeton and Trenton in 15 minutes offering access to nightlife, upscale dining and shops. Additionally, New York City and Philadelphia can be reached within an hour of the community.
Mercer County is one of the most dynamic and diverse apartment markets in New Jersey, largely due to the county’s extensive business base in Princeton, as well as Trenton’s position as the state’s capital. The area’s corporations and municipal agencies are economic drivers that continue to benefit the multihousing market; market rents have been steadily increasing and grew eight percent year to date over 2020 market rent. Further strengthening the market, only 745 units have been added over the last 10 years, speaking to the high barriers to entry and difficulty to gain approvals. Mercer County’s vacancy rate has been in the single digits and has remained below six percent over that period.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Grace Braverman.
“We continue to see incredible demand for value-add properties in strong suburban locations within the NYC MSA,” said Oliver. “Pricing is significantly stronger then pre-COVID levels.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.