Kushner, Goldman Sachs sell New Jersey apartment complex for $115M

Kushner Real Estate Group and Goldman Sachs Asset Management sold a 440-unit garden apartment complex in Plainsboro, New Jersey, six years after acquiring it.

The joint venture sold Addison at Princeton Meadows for $115 million, over 50 percent more than they originally bought for $73.3 million, to Colony Hills Capital, Real Estate New Jersey reported.

JLL represented the sellers while GFI Realty Services’ Allan Szlafrok, Eli Maryl, Ohad Babo and Michael Weiser advised Colony Hills according to the outlet. 

“We were fortunate to partner with Goldman Sachs on the Addison as they were consummate professionals through acquisition, asset management and disposition,” Jonathan Kushner, KRE Group’s president, said. “Additionally, JLL did an incredible job in helping us successfully sell the asset in a very difficult capital markets environment.”

“The asset was widely marketed for some time due to the difficult capital markets environment,” Michael Weiser, president of GFI Realty, said in a statement, according to the outlet.

Built in 1979, the Addison at Princeton Meadows at 2821 Pheasant Hollow Drive features two-story buildings, and most of its units — a mix of studio, one- and two-bedroom homes — have recently undergone renovations. The complex has an array of amenities, including an outdoor swimming pool with a fire pit, tennis and basketball courts, a dog park, and a fitness center, among others.

Moreover, the community has received full approval for the construction of a modern, upscale clubhouse, designed to house a new fitness center and lounge exclusively for its residents. 

In addition to its amenities, the property is close to The Meadows at Middlesex, an 18-hole golf course. It also offers access to Princeton’s shopping, dining establishments, renowned schools, and the Route 1 commercial corridor.

— Ted Glanzer