The KRE Group and Oxford Realty, in partnership with Verde Capital, just snapped up the 288-unit Deer Creek rental community in Plainsboro for $45M.
The property, which includes one- and two-bedroom apartments and is just off Plainsboro Road, is the second property KRE and Oxford have acquired jointly in the past four months.
Like its previous purchase, the 550-unit Royal Gardens in Piscataway, the apartment community was an excellent opportunity to improve the asset's profitability through capital improvements, and the JV plans to execute a strategy similar to the one it's implemented at Royal Gardens. Renovations planned include new luxury finishes and adding stainless steel appliances and in-unit washers and dryers. Unit layouts will also be reconfigured to create more open living spaces.
The property is on a 34-acre campus of apartment buildings in a wooded section of the Cranbury Brook. It features an outdoor pool, two tennis courts and access to a scenic nature trail that winds along the brook and leads to a nearby park. As part of the property upgrades, KRE will construct a new fitness center.
KRE Group president Jonathan Kushner, who heads one of the state's most active investors and developers, will be speaking at Bisnow's New Jersey Gold Coast event at The Liberty House in Jersey City at 8am on April 14. (More information and registration here.)
