PLAINSBORO, NJ-An affiliate of Chicago-based Heitman LLC has acquired Ravens Crest, a 704-unit Class A multifamily property at 3217 Ravenscrest Dr. here, from Equity Residential for $95 million, industry sources say.
Equity chose to sell the community, built in 1985 and more than 95% occupied, because it was turning to urban infill projects, says Jose Cruz, senior managing director of HFF, which marketed Ravens Crest on behalf of the seller. Also representing Equity Residential were by senior managing director Andrew Scandalios, and directors Kevin O’Hearn and Jeffrey Julien.
“This building did not necessarily fit the future for them,” Cruz tells GlobeSt.com. “It was a hotly contested deal.”
Located equidistant from New York City and Philadelphia, the property has one- and two-bedroom units and features a swimming pool and tennis court. Heitman will do some renovation on the units, Cruz says. “This gave them a great asset in a good market with upside,” he says. “This one hasn’t traded in something like 15 years.”
And it’s hard to find a better time to invest in multifamily in Plainsboro, he adds. HFF has sold more than $350 million in the municipality in the last 12 months.
“People are looking at properties and saying ‘Wow,’” Cruz says. “If you’re going to sell multifamily in the next 12 to 24 months, you might as well sell now.”
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