Commercial real estate firm and capital market solutions provider JLL Capital Markets closed on the sale of the Addison at Princeton Meadows, a multi-housing community with 440 total units at 2821 Pheasant Hollow Drive in Plainsboro, representing the seller in a joint venture between Goldman Sachs Asset Management and Kushner Real Estate Group.
Goldman Sachs and Kushner purchased the complex of upscale, garden-style apartments together six years ago, with the two groups eventually selling the Addison at Princeton Meadows to real estate investment firm Colony Hills Capital for an estimated $115 million.
Constructed in 1979, Addison at Princeton Meadows is a collection of studio, one-, and two-bedroom apartment homes across 28 two-story buildings, many of which have “undergone recent renovations,” according to the press release, with future plans for a new state-of-the-art clubhouse—complete with a fitness center and resident lounge—already approved.
The site is adjacent to an 18-hole golf course, the Meadows at Middlesex, and near downtown Princeton, the Route 1 corridor, and the Princeton Junction train station.
“The Addison provided investors with the opportunity to acquire a quality multi-housing asset in a strong institutionally owned submarket with significant rental upside,” Jose Cruz, a member of the JLL Capital Markets Investment Sales and Advisory group that represented the seller, says in a quote. Fellow senior managing directors Steve Simonelli and Michael Oliver, as well as director Elizabeth DeVesty, were also on the team.
“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,” Jonathan Kushner, the president of Kushner Real Estate Group, adds.
More information: www.us.jll.com/en/invest-in-real-estate/capital-markets
