"We are pleased to have completed the successful sale of Fox Run," says Aimco president David Robertson, in a statement. "The proceeds will enable Aimco to pursue its larger strategic goals of concentrating our investment capital in our target markets and further reducing leverage."
A spokesperson for Aimco declined to disclose a sales price, but according to an online report that cited an SEC filing, the price was $70 million. She said the Denver-based REIT owned the property since 1993. Cushman & Wakefield also declined to reveal a purchase price and inquiries to the JV parties were not returned by deadline.
According to Cushman & Wakefield's Jose Cruz, who headed the assignment with team members Andrew Merin, David Bernhaut and Gary Gabriel, the property was toured by nearly two dozen investors. Cruz added that the 776-unit complex has maintained an occupancy level in the mid- to high-90% range.
Adding to the property's appeal is its location in a supply-constrained market. "Plainsboro is close to reaching its goal of 50% open space to 50% development," notes Cruz in a statement. "No large-scale apartment communities have been developed in Plainsboro since 1984, and none are planned."
Fox Run sits near the 6.2-million-square-foot Princeton office submarket and the Route 1 Corridor. It is located just two miles from the 4.6-million-square-foot Princeton Forrestal Center, which is home to more than 100 blue-chip corporations, and is the closest apartment community to the new University Medical Center of Princeton, which will attract 3,800 jobs when completed in 2011, according to Merin.Among its amenities are a stand-alone clubhouse, fitness center, an outdoor pool, tennis courts and a playground.
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