PLAINSBORO, NJ–The KRE Group and Oxford Realty Group have jointly acquired Deer Creek, a 288-unit rental community in Plainsboro, NJ, in partnership with Verde Capital. The partnership paid $45 million for the asset.
Deer Creek is a collection of one- and two-bedroom apartments just off of Plainsboro Road, about four miles from Route 1 and five miles from the New Jersey Turnpike.
Deer Creek is the second property KRE and Oxford have jointly acquired in the last four months. In November 2015, the companies purchased Royal Gardens, a 550-unit rental community in Piscataway, NJ, for $107.25 million, in partnership with Blue Vista Capital Management.
Like Royal Gardens, the partnership was attracted to Deer Creek because it offers an excellent opportunity to improve the asset's profitability through capital improvements.
“We believe Deer Creek is a property with enormous potential,” says Darin Raiken, director of acquisitions for The KRE Group. “We plan on executing a strategy similar to the one we've implemented at Royal Gardens, investing in capital improvements to enhance tenant quality of life and increase the value of the property.”
Deer Creek is situated on a 34-acre campus of apartment buildings, tree-lined streets and manicured lawns that border a wooded section of the Cranbury Brook. It includes an outdoor pool, two tennis courts and access to a scenic nature trail that winds along the brook and leads to a nearby park. As part of the property upgrades, KRE will construct a new fitness center, says Raiken.
The partnership has a number of renovations planned for Deer Creek, including luxury finishes such as granite kitchen countertops, stainless steel appliances and in-unit washer/dryers. Unit layouts will also be reconfigured to create more open, contemporary living spaces.
“The Deer Creek and Royal Gardens deals are both part of an ongoing initiative to actively grow our portfolio of multifamily properties through value-add acquisitions,” says Jonathan Kushner, president of The KRE Group. “We are big believers in the future of the New Jersey rental market, as well as the growth potential reinventing select properties offers. We will continue to look for similar opportunities that allow us to deploy capital wisely and cater to our strengths as a company.”
“We are pleased to be partnering with KRE and Oxford for this project, two firms with extensive multifamily operating experience,” says Jacob Reiter, president of Verde Capital. “We have the right team in place to make our purchase of Deer Creek a very successful investment.”
PLAINSBORO, NJ–The KRE Group and Oxford Realty Group have jointly acquired Deer Creek, a 288-unit rental community in Plainsboro, NJ, in partnership with Verde Capital. The partnership paid $45 million for the asset.
Deer Creek is a collection of one- and two-bedroom apartments just off of Plainsboro Road, about four miles from Route 1 and five miles from the New Jersey Turnpike.
Deer Creek is the second property KRE and Oxford have jointly acquired in the last four months. In November 2015, the companies purchased Royal Gardens, a 550-unit rental community in Piscataway, NJ, for $107.25 million, in partnership with Blue Vista Capital Management.
Like Royal Gardens, the partnership was attracted to Deer Creek because it offers an excellent opportunity to improve the asset's profitability through capital improvements.
“We believe Deer Creek is a property with enormous potential,” says Darin Raiken, director of acquisitions for The KRE Group. “We plan on executing a strategy similar to the one we've implemented at Royal Gardens, investing in capital improvements to enhance tenant quality of life and increase the value of the property.”
Deer Creek is situated on a 34-acre campus of apartment buildings, tree-lined streets and manicured lawns that border a wooded section of the Cranbury Brook. It includes an outdoor pool, two tennis courts and access to a scenic nature trail that winds along the brook and leads to a nearby park. As part of the property upgrades, KRE will construct a new fitness center, says Raiken.
The partnership has a number of renovations planned for Deer Creek, including luxury finishes such as granite kitchen countertops, stainless steel appliances and in-unit washer/dryers. Unit layouts will also be reconfigured to create more open, contemporary living spaces.
“The Deer Creek and Royal Gardens deals are both part of an ongoing initiative to actively grow our portfolio of multifamily properties through value-add acquisitions,” says Jonathan Kushner, president of The KRE Group. “We are big believers in the future of the New Jersey rental market, as well as the growth potential reinventing select properties offers. We will continue to look for similar opportunities that allow us to deploy capital wisely and cater to our strengths as a company.”
“We are pleased to be partnering with KRE and Oxford for this project, two firms with extensive multifamily operating experience,” says Jacob Reiter, president of Verde Capital. “We have the right team in place to make our purchase of Deer Creek a very successful investment.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
