The identity of the seller was not released. However, the Miry Run property had been listed among the holdings of the River Edge, NJ-based Tower Management and is currently still listed on that company's web site. With the acquisition, the Fort Lee-based Orbach now has 460 residential units in Hamilton Twp., and a total or more than 1,000 units in the Greater Princeton corridor. The latest acquisition here follows the purchase of the 316-unit Victoria Apartments nearby, in 2004.
"Four years ago, we came to Hamilton, and we were instantly attracted to the area," says Meyer Orbach, president and CEO of the Orbach Group. "We're excited to expand our stake here. We will work with the residents of Miry Run to make all necessary upgrades and enhance the property for everyone."
Orbach terms those pending upgrades "minor." At the time of closing, all units at Miry Run Apartments, a mix of one-bedroom and two-bedroom residences, were occupied.
Orbach's growing multi-state portfolio includes units in several markets in New Jersey including, in the Princeton area, Ewing Twp. Other holdings include properties in markets ranging from Hackensack in the north, to Lakewood in the state's mid-section and South Jersey's Cherry Hill.
The Orbach Group also recently made its initial move across the Hudson River to Manhattan. As reported by GlobeSt.com, the company bought 13 buildings with 254 units and a number of storefronts along West 49th Street opposite World Wide Plaza.
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