PLAINSBORO, NJ – Fieldstone Properties has purchased eaves Plainsboro, a 776-unit, garden-style apartment community in Plainsboro, NJ, from AvalonBay Communities, Inc. for $117 million in a sale brokered by HFF. The price works out to about $150,000 per unit.
eaves Plainsboro consists of 58 two-story buildings with 624 one- and 152 two-bedroom units. Community amenities include a centrally located clubhouse, fitness center, community room with fireplace, outdoor swimming pool with sundeck, tennis courts and jogging trail. The 46.4-acre property at 60 Fox Run is walking distance to downtown Plainsboro. The property is within one mile of Route 1, the main thoroughfare in the area, and is a short walk to the NJ Transit bus stop, which provides access to the Princeton Junction Transit Station. The community is also within two miles from the newly-opened University Medical Center of Princeton.
HFF senior managing director Jose Cruz, managing director Kevin O'Hearn, associate director Michael Oliver led the HFF investment sales team representing the seller, with support from senior managing director Andrew Scandalios.
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