Berkshire Residential Investments has sold a 240-unit multifamily community near Princeton three years after the investment management firm bought it.
JLL announced it brokered the sale of Berkshire Stewards Crossing at 1000 Stewards Crossing Way in Lawrence Township for an undisclosed sum. A private buyer acquired the asset.
Berkshire Stewards Crossing has 204 market-rate and 36 affordable units in a mix of one-, two- and three-bedrooms. The property recently underwent an upgrade of community as well as an interior unit renovations.
The apartments contain in-unit washer and dryers, walk-in closets, patio/balconies, wood burning fireplaces, vaulted ceilings and fenced-in yards. Amenities include a pool, fitness center, volleyball court, grill area with firepit and outdoor lounge, dog run, bike racks and walking paths.
Berkshire Stewards Crossing is situated less than one mile from Route 1 and Interstates 95 and 295 with access to the area’s dominant pharmaceutical and life sciences employers. The property’s central location allows resident to reach Princeton and Trenton in 15 minutes with New York City and Philadelphia an hour away.
Market rents in Mercer County have been steadily increasing and grew eight percent year to date over 2020 market rent. Further strengthening the market, only 745 units have been added over the last 10 years, speaking to the high barriers to entry and difficulty to gain approvals. Mercer County’s vacancy rate has been in the single digits and has remained below six percent over that period.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Grace Braverman.
“We continue to see incredible demand for value-add properties in strong suburban locations within the NYC MSA,” said Oliver. “Pricing is significantly stronger then pre-COVID levels.”