A joint venture of Goldman Sachs Asset Management and Bridgewater-based Kushner Real Estate Group have offloaded a garden-style multifamily community in the Princeton submarket for $115 million.

On Aug. 1, JLL Capital Markets announced it closed the sale of 440-unit Addison at Princeton Meadows located at 2821 Pheasant Hollow Driver on behalf of the JV seller.

The Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Steve Simonelli and Michael Oliver, and Director Elizabeth DeVesty. The property was acquired by Colony Hills Capital, which was represented by a GFI Realty Services team comprised of Director Ohad Babo, Investment Sales Associates Eli Maryl and Allan Szlafrok, and President Michael Weiser.

According to a statement from Cruz, “The Addison provided investors with the opportunity to acquire a quality multi-housing asset in a strong institutionally owned submarket with significant rental upside.”

The purchase is Massachusetts-based Colony Hill Capital‘s first in the Garden State, the company’s portfolio is primarily comprised of properties in its home state as well as Georgia, Texas and Florida.

“In the past couple of years we are seeing a lot of activity and demand in Central Jersey. As a group, we are firm believers in the New Jersey real estate market, whether it’s in multifamily, industrial or retail,” Babo told NJBIZ via emal.

“GFI Realty has traditionally been a New York based firm yet we find the New Jersey market very appealing to many of our local clients as well as investors from other parts of the country,” added Szlafrok.

Built in 1979, the property features studio, one- and two-bedroom apartments spread across 28 two-story buildings.

Most units have undergone recent renovations, JLL said, and include stainless steel appliances, updated backsplashes and countertops, patios or balconies, and in-unit washer and dryers. Adding to its appeal are community amenities, including a swimming pool with fire pit, tennis and basketball courts, dog park, fitness center, children’s playground and a grilling and picnic area.

The property is fully approved for the construction of a new clubhouse, JLL added, which will bring a new fitness center and lounge for residents.

Addison at Princeton Meadows is located adjacent to The Meadows at Middlesex, an 18-hole golf course.

Additionally, the community is near downtown Princeton and less than 3 miles from the Route 1 corridor and less than 5 miles from the Princeton Junction train station, with access to New York or Philadelphia in under an hour.

“We were fortunate to partner with Goldman Sachs on the Addison as they were consummate professionals through acquisition, asset management and disposition,” stated Kushner Real Estate Group President Jonathan Kushner. “Additionally, JLL did an incredible job in helping us successfully sell the asset in a very difficult capital markets environment.”

In 2017, Cruz, Simonelli and Oliver – then with Holliday Fenoglio Fowler – were part of a team that brokered the $73.25 million sale of Addison at Princeton Meadows to its most recent sellers. That followed HFF’s 2014 handling of a sale of the property.

Editor’s note: This story was updated at 2:40 p.m. ET on Aug. 4, 2023, to include additional information about the transaction, including the buyer and their representation, along with the purchase price for the property.