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AIMCO Sells 896-Unit Hunters Glen Apartments

Carmel Partners Pays $150.1M for Plainsboro Multifamily Complex
February 6, 2018
Carmel Partners, a San Francisco-based real estate investment firm, acquired the 896-unit Hunters Glen Apartments at 1109 Hunters Glen Dr. in Plainsboro, NJ for $150.1 million, or about $182 per square foot, from AIMCO.

The 825,212-square-foot multifamily community was delivered in 1976 on 20.1 acres in the Turnpike West MF submarket, a few blocks from Plainsboro Township’s business district. It offers a mix of one- and two-bedroom floorplans across 61 two-story apartment buildings, and features a courtyard, laundry facilities, basketball courts, playground and a swimming pool.

The asset is currently 96 percent occupied, with several units recently renovated and overall asking rents ranging from $1,139 to $1,809 per month.

The buyer financed the acquisition in-part with a new $115.4 million, Freddie Mac loan.

Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli, Andrew Scandalios and Mark Mahasky of HFF represented the seller. The buyer handled the sale in-house.

Please see CoStar COMPS #4116947 for more information on this transaction.
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