AvalonBay purchases Princeton property from KABR Group

A two-building property in Princeton has traded hands, with CBRE representing both the buyer and seller in the sale.

On Nov. 1, CBRE said it represented The KABR Group in the sale of 100 and 101 Thanet Circle to AvalonBay Communities, which has designs to redevelop the property into a rental apartment community with 221 units.

The complex, currently made up of two office buildings totaling approximately 110,000 square feet, will also feature an 80-unit, 100% affordable senior rental community.

CBRE’s Institutional Properties group of Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Travis Langer and Zach McHale represented KABR in the sale of 100 and 101 Thanet Circle.

According to CBRE, The KABR Group purchased the 15-acre property in 2018. A sales contract with AvalonBay was executed shortly after, providing the equity REIT with time to develop and secure approvals for the rental development.

“AvalonBay is tremendously excited to begin construction on yet another high quality multifamily rental community within Mercer County and to expand our existing presence in the fantastic town of Princeton,” said AvalonBay Senior Director of Development Matt Giammanco in a statement. “The new community will add a diverse array of housing options to the Princeton area in a pedestrian and bike-friendly location, and demonstrates our belief in the continued strength and vibrancy of Princeton.”

The firm is currently working on a project at Princeton Junction Train Station in West Windsor that will feature 535 multifamily units, 135 senior housing apartments, 48 condominiums, 150 for-sale townhomes and approximately 21,000 square feet of retail space. In 2016, it constructed Avalon Princeton.

AvalonBay’s project at Thanet Circle will include a four-story apartment building with elevator, three-story walk-up buildings and luxury rental townhomes, CBRE said, within walking distance of the Princeton Shopping Center.

Downtown Princeton and Princeton University are 2 miles away.

“We continue to enjoy a great relationship with KABR and AvalonBay,” Dunne said in a statement. “The buyer and seller achieved their goals in this transaction, and we look forward to working with both parties again in the near future.”

“This is a great outcome for not only the buyer and seller, but more importantly, the community,” added Neuer. “At the outset, we knew introducing AvalonBay to the project would be a win-win for all parties involved.”