144-Unit Apartment Trades for $12M

HAMILTON TWP., NJ-The Orbach Group has acquired its second apartment complex in this Princeton-area township, specifically the 144-unit Miry Run Apartments at 145 Brookwood Rd. in the township’s Mercerville section. The sale price of $11.5 million factors out to just more than $79,860 per unit.

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.”