FLORHAM PARK, N.J.--(BUSINESS WIRE)--Nov. 5, 2015--
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed
the sale of The Crest at Princeton Meadows, a 704-unit, garden-style
apartment community in Plainsboro, New Jersey.
HFF marketed the property on behalf of the seller. A joint venture
between Harbor Group International and Azure Partners purchased the
asset free and clear of existing debt.
The Crest at Princeton Meadows is 94 percent leased and has 37 two- and
three-story residential buildings housing one- and two-bedroom units
averaging approximately 830 square feet each. The community, which has
undergone significant capital improvements since 2012, features
amenities such as an outdoor swimming pool with sundeck, barbecue
grills, tennis courts, volleyball court, putting green and playground.
Situated on 40 acres at 3217 Ravens Crest Drive in the Princeton
submarket of Middlesex County, the property is adjacent to the Meadows
at Middlesex Golf Course and is approximately one mile from Route 1.
Additionally, the property is within six miles of Princeton University’s
main campus and the Princeton Junction transit station.
The HFF investment sales team representing the seller was led by senior
managing director Jose Cruz, managing director Kevin O’Hearn, associate
directors Michael Oliver and Steve Simonelli and supported by senior
managing director Andrew Scandalios.
“With this transaction, the seller successfully executed their business
plan for this property that began in 2012. The Crest was acquired as a
repositioning play in Plainsboro and was sold as a premiere asset with
future upside,” stated Cruz. “Harbor Group and Azure performed
flawlessly and closed as expected.”
About Harbor Group International
Harbor Group International, LLC (HGI) is a private real estate
investment and management firm, which controls a portfolio of worldwide
assets valued at approximately $4 billion. HGI is headquartered in
Norfolk, Virginia with offices in New York and Tel Aviv. The company’s
real estate holdings include approximately six million square feet of
commercial properties and approximately 25,000 apartment units. For
additional information, please visit www.harborgroupint.com.
About Azure Partners
Azure Partners LLC (Azure) is a real estate private equity firm based in
New York City focused on the opportunistic acquisition and management of
real estate assets within high-growth markets in the United States.
Since its founding in 2010, Azure has acquired in excess of $800 million
of real estate in the multifamily and retail sectors.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).
HFF operates out of 22 offices nationwide and is a leading provider of
commercial real estate and capital markets services to the U.S.
commercial real estate industry. HFF together with its affiliate HFFS
offer clients a fully integrated national capital markets platform
including debt placement, investment sales, equity placement, advisory
services, loan sales and commercial loan servicing. For more information
please visit hfflp.com
or follow HFF on Twitter @HFF.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151105006717/en/
Source: HFF
HFF
JOSE CRUZ, (973) 549-2000
Senior Managing
Director
jcruz@hfflp.com
or
OLIVIA
HENNESSEY, (713) 852-3500
PR Coordinator, Marketing
ohennessey@hfflp.com