CBRE announced that Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Travis Langer, and Zach McHale of CBRE’s Institutional Properties group represented The KABR Group in the sale of 100 and 101 Thanet Circle in Princeton, New Jersey (pictured top).
The CBRE team was also responsible for procuring the buyer, AvalonBay Communities.
The property, which currently houses two office buildings totaling approximately 110,000 s/f is slated to be redeveloped into a rental apartment community totaling 221 residential units as well as an 80-unit 100 percent affordable senior rental community.
Positioned on more than 15-acres at the end of a cul-de-sac, the future development will feature multiple living options for future residents, including a four-story apartment building with an elevator, three-story walk-up buildings and high-end luxury rental townhomes.
Thanet Circle is located within walking distance to the Princeton Shopping Center and less than two miles from Downtown Princeton and Princeton University, offering future residents ease of access to countless lifestyle amenities.
The KABR Group bought the property for $3.5 million in 2018 and shortly thereafter executed a sales contract with AvalonBay, providing them with the necessary time to design the development and secure approvals.
AvalonBay is very active in the area having built Avalon Princeton in 2016 and is currently spearheading a transformational project at the Princeton Junction Train Station in West Windsor that will include 535 multifamily units, 135 senior housing apartments, 48 condominiums, 150 for-sale townhomes and approximately 21,000 square feet of retail space along a centrally located promenade.
“We continue to enjoy a great relationship with KABR and AvalonBay,” said Mr. Dunne. “The buyer and seller achieved their goals in this transaction, and we look forward to working with both parties again in the near future.”
“The transaction was smooth from beginning to end and all parties were a pleasure to work with,” said Adam Altman, Managing Member of The KABR Group.
“This is a great outcome for not only the buyer and seller, but more importantly, the community,” added Mr. Neuer. “At the outset, we knew introducing AvalonBay to the project would be a win-win for all parties involved.”
“AvalonBay is tremendously excited to begin construction on yet another high quality multifamily rental community within Mercer County and to expand our existing presence in the fantastic town of Princeton. The new community will add a diverse array of housing options to the Princeton area in a pedestrian and bike-friendly location, and demonstrates our belief in the continued strength and vibrancy of Princeton.” said Matt Giammanco, Senior Director of Development with AvalonBay.