Real estate firm Carmel Partners has acquired the 896-unit apartment complex, Hunters Glen, in Plainsboro.
The acquisition is the first Carmel investment in New Jersey.
Hunters Glen, located at 1109 Hunters Glen Drive, sits on 52.7 acres. The complex is composed of 61 two-story buildings of one and two-bedroom units. The apartment complex is located three miles from US Route 1 and five miles from Princeton University.
Said Trey Hilberg, senior vice president and head of investments for Carmel Partners, in a statement: “We were able to acquire a well-built property in a supply-constrained area at a discount to replacement cost, and we can now proceed to add value through renovations, upgrades, marketing and an experienced property management team.”
Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the transaction.
Carmel plans to reposition the property, updating interiors, renovating the exterior and improving amenities, which include three resort-style pools, recently installed grills and access to adjacent public ball fields and courts, playgrounds, walking trails and a golf course.