PLAINSBORO, NJ-A 439-unit apartment complex here has been sold to Harbor Group International for $62.6 million. The Virginia-based company plans an immediate $3 million upgrade to the 33-year-old complex heretofore named Pheasant Hollow.
HGI, which bought the complex from a partnership of Vantage Group and Angelo Gordon & Co., will rename it Addison at Princeton Meadows. With the acquisition, HGI makes its debut into the suburban New Jersey multi-family market – after having entered the Garden State's office market last fall.
In November, HGI affiliates paid $47 million to acquire 100 Plaza Drive, a 265,000-square-foot office building in Secaucus. The office is home to NBA Entertainment and the Scholastic Corporation.
HGI's president T. Richard Litton, Jr., said, the apartment complex acquisition provides his company with an opportunity to “improve operations at the property, increase occupancy and provide value for our investors.”
“Pheasant Hollow is located in a strong submarket with a track record of high occupancy and barriers for entry to new construction,” said Litton. He noted that it is located between New York City and Philadelphia, less than two miles from the Princeton Junction, which provides direct access to each city via train. The property is also less than two miles from the recently opened University Medical Center of Princeton at the Plainsboro Health Campus.
Pheasant Hollow, originally built in 1981, contains 28 garden style buildings situated on more than 23 acres.
HFF's Jose Cruz was was the broker for the deal.
HGI, which has its headquarters in Norfolk and offices in New York and Tel Aviv, controls a portfolio of worldwide assets valued at approximately $3.6 billionThe company's real estate holdings include 8.3 million square feet of commercial properties and 24,500 apartment units.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
