Heitman LLC has acquired the Ravens Crest Apartments at 3217 Ravens Crest Dr. in Plainsboro, NJ for $95 million, or about $135,000 per unit, from Equity Residential. Occupancy at time of sale was more than 95 percent.
The 704-unit, two-story, 586,520-square-foot multifamily building was built on 29 acres in the Princeton North submarket of Middlesex County. It is an even mix of one- and two-bedroom units that rent for $865 to $1,570 per month. The property features a playground, pool and tennis courts with tenants enjoying in-unit dishwashers, fireplace and washer/dryers.
Senior managing directors Jose Cruz and Andrew Scandalios and directors Kevin O'Hearn and Jeffrey Julien with HFF represented the seller. The buyer did not utilize third-party brokerage services for the sale.
"Raven represents one of the top assets in the central New Jersey market and the sale represents one of the largest apartment transactions in New Jersey over the past two years. EQR timed this sale perfectly to coincide with a high demand for multi-housing in this market," said Cruz. "The buyer will be able to capitalize on future rent growth over the next several years."
Please see CoStar COMPS #2247189 for additional information on this transaction.