A joint venture between Goldman Sachs and Kushner Real Estate Group has sold Addison at Princeton Meadows, a 440-unit multifamily community in Plainsboro, N.J. Colony Hills Capital paid $115 million for the asset, according to Middlesex County Records.
The buyer acquired the property using a $76.6 million, 10-year Freddie Mac loan originated by Walker & Dunlop, the same source shows. JLL brokered the deal on behalf of the seller.
Built in 1979, the community comprises 28 two-story buildings offering a mix of studio, one- and two-bedroom floorplans ranging from 432 to 911 square feet, according to Yardi Matrix data. The same source indicates that the property last traded in 2017 for $74 million.
Apartments feature central A/C, in-unit washers and dryers, private entries and balconies or patios. The majority of interiors have recently been renovated. Common-area amenities include a swimming pool, fitness center, dog park, barbeque area, basketball court and laundry facilities.
Located at 2821 Pheasant Hollow Drive, the community is between Highways 1 and 130, providing easy access to Interstate 95. Addison at Princeton Meadows is some 15 miles from Trenton, as well as roughly 52 miles from New York City. The property is also adjacent to The Meadows at Middlesex golf course and close to Plainsboro Center.
JLL’s Senior Managing Directors Jose Cruz, Steve Simonelli and Michael Oliver, along with Director Elizabeth DeVesty led the Capital Markets Investment Sales and Advisory team that represented the seller in the transaction. Earlier this year, the same group also facilitated the sale of a 470-unit property in upstate New York.
