JLL Capital Markets represented Berkshire Residential Investments in the sale of multi-housing community Berkshire Stewards Crossing, the firm announced Oct. 20.
Neither the private buyer nor the purchase price of the Lawrence Township property was disclosed.
Located at 1000 Stewards Crossing Way, Berkshire Stewards Crossing features 240 units – 204 market-rate and 26 affordable – in a mix of one-, two- and three-bedrooms with an average of 872 square feet, JLL said.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Grace Braverman.
“We continue to see incredible demand for value-add properties in strong suburban locations within the NYC MSA,” said Oliver. “Pricing is significantly stronger than pre-COVID levels.”
The community is less than a mile from Route 1 and Interstates 95 and 295 in a submarket of Princeton. It recently underwent a value-add renovation program, featuring upgrades to the community and interior unit improvements.
JLL identified Mercer County as one of the most “dynamic and diverse apartment markets” in New Jersey, citing its proximity to Princeton – and the area’s pharmaceutical and life sciences employers – and the state capital in Trenton.
In the county, market rents have increased steadily, growing 8% year to date from 2020. On top of that, JLL said, in the past 10 years less than 800 units have been added to the area, further strengthening the market. The vacancy rate has remained below 6% for that time.
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