Kushner Real Estate Group is pushing hard into multifamily acquisitions in Northern and Central New Jersey, most recently with a 439-unit garden apartment complex in Plainsboro.
KRE partnered with Goldman Sachs Asset Management to buy the Addison at Princeton Meadows, five miles from Downtown Princeton, for $73.3M. The property marks KRE's fourth garden apartment acquisition in less than two years, adding up to a combined $300M in investment. Harbor Group International was the seller, and the deal was brokered by Gebroe-Hammer Associates.
“KRE’s collaboration with GSAM Private Real Estate will enable us to reposition Addison at Princeton Meadows and realize the property’s full potential,” KRE Group President Jonathan Kushner said in a release. “We’ve had considerable success acquiring similar properties, modernizing the units and amenities and reintroducing them to the marketplace. We believe this acquisition represents another exceptional opportunity to deploy capital wisely.”
Even though the property was acquired as a value-add play, it is already 94% occupied and comes with amenities like basketball and tennis courts, a fitness center, an outdoor pool and a dog park.
