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Berkshire Makes First Buy in Princeton/Trenton Area
Berkshire Group has acquired Steward’s Crossing, a 240-unit garden-style apartment community in Lawrenceville, NJ. It’s Berkshire’s first acquisition in the Princeton/Trenton area.
Terms of the deal weren’t disclosed. “We feel the property is an excellent choice for our portfolio because of the demand in the area generated by its proximity to diverse employment,” said Berkshire’s Kel Frazier.
HFF’s Michael Oliver, Jose Cruz, Kevin O’Hearn and Steven Simonelli, all working closely with a Philadelphia-based team of Mark Thomson, Carl Fiebig and Fran Coyne, marketed the property on behalf of the seller, Merion Realty Partners and a joint venture partner.
“The greater Princeton area has incredible fundamentals and is one of the New Jersey’s strongest multi-housing submarkets,” Oliver said. “We have seen an increased appetite from institutional capital within the region. Berkshire will have great success continuing the efforts of the sellers at the property.”
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- ◦Sale/Acquisition
