JLL Capital Markets announced that it closed on the sale of Addison at Princeton Meadows, a 440-unit, garden-style multihousing community located in Plainsboro, New Jersey.
JLL worked on behalf of the seller, a joint venture between the real estate business within Goldman Sachs Asset Management and Kushner Real Estate Group.
Built in 1979, Addison at Princeton Meadows consists of studio, one- and two-bedroom apartment homes across 28, two-story buildings. The majority of units have undergone recent renovations and include stainless steel appliances, updated backsplash and countertops, hard flooring, patios/balconies and in-unit washers and dryers. Community amenities include an outdoor swimming pool with fire pit, tennis and basketball courts, dog park, fitness center, children’s playground and a BBQ and picnic area. Additionally, the community is fully approved for the construction of a state-of-the-art clubhouse, which will house a new fitness center and lounge for residents.
Located at 2821 Pheasant Hollow Dr., Addison at Princeton Meadows is in the Princeton submarket and is adjacent to an 18-hole golf course, The Meadows at Middlesex. The property is situated just minutes from downtown Princeton’s shops, restaurants and top-tier schools, which includes the prestigious Princeton University. The community is less than three miles from the Route 1 corridor, one of the strongest commercial corridors in the state, and is also less than five miles from the Princeton Junction train station, providing access to New York Penn Station or Philadelphia in less than one hour.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Steve Simonelli and Michael Oliver and Director Elizabeth DeVesty.
“The Addison provided investors with the opportunity to acquire a quality multi-housing asset in a strong institutionally owned submarket with significant rental upside,” stated Cruz.
“We were fortunate to partner with Goldman Sachs on the Addison as they were consummate professionals through acquisition, asset management and disposition. Additionally, JLL did an incredible job in helping us successfully sell the asset in a very difficult capital markets environment,” stated Jonathan Kushner, President of Kushner Real Estate Group.
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 sales and 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.
