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HFF closes $73M, 439-unit sale in Plainsboro

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The Addison at Princeton Meadows, 1912 Pheasant Hollow Drive, Plainsboro.
The Addison at Princeton Meadows, 1912 Pheasant Hollow Drive, Plainsboro. - ()

Commercial real estate firm Holliday Fenoglio Fowler recently announced it represented Harbor Group International in a $73.25 million sale of The Addison at Princeton Meadows in Plainsboro to a private buyer.

HFF had brokered the sale of the property in 2014 to the seller.

HFF’s senior managing director, Jose Cruz; managing director, Kevin O’Hearn; and directors, Michael Oliver and Steve Simonelli, represented Harbor Group.

“The demand for core plus multifamily in the state of New Jersey remains very high, and investors are continuing to underwrite renovation premiums,” Cruz said.

Gebroe-Hammer Associates arranged the sale on behalf of the seller and procured the buyer.

The Addison at Princeton Meadows is located at 1912 Pheasant Hollow Drive, two miles from downtown Plainsboro and three miles from Route 1.

The property includes studio through two-bedroom units averaging 759 square feet. HFF said community amenities include a fitness center, outdoor pools, and basketball and tennis courts.

The property also sits adjacent to the 18-hole golf course Meadows at Middlesex.

Harbor Group International said one of its subsidiaries recently acquired Daiichi Sankyo’s U.S. headquarters at 211 Mount Airy Road, Basking Ridge, for $98.5 million.

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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