"Situated in the heart of Plainsboro near Princeton and New Brunswick, the well-maintained property attracted the buyer's interest because of the area's strong rental pool and stable occupancy rates," says Brecher. "The acquisition of Deer Creek Apartments marked a significant expansion of the buyer's multifamily portfolio in the area."
Located at 305 Deer Creek Dr. in the southwestern part of Middlesex County, the 24- building complex is comprised of a mix of one- and two-bedroom units featuring private balconies or patios. On-site amenities include an outdoor pool, sports courts and walking paths. Select units have washers/dryers and walk-in closets.
Gebroe-Hammer reports area occupancy rates to be 95%, with average rents ranging from $900 to $1,400 for one- and two-bedroom units, respectively.
"Central New Jersey is becoming a highly sought-after geographic region in New Jersey for multifamily investments," Gebrore-Hammer managing director Ken Uranowitz tells GlobeSt.com. "In the current environment, multifamily units are performing well, and potential investors are expanding beyond the high-barrier-to-entry counties in the northern part of the state into this thriving submarket."
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