News release

Multi-housing community in Central New Jersey closes

JLL Capital Markets closed the sale of Berkshire Stewards Crossing 

October 20, 2021

Cierra Lacasse

Hotels & Hospitality and Capital Markets
+ 1602 648 8701

MORRISTOWN – Oct. 20, 2021 – JLL Capital Markets announced today that it has closed the sale of Berkshire Stewards Crossing, a 240-unit, luxury, value-add multi-housing community in the Princeton submarket of Lawrence Township, New Jersey.

JLL marketed the property on behalf of the seller, Berkshire Residential Investments. A private buyer acquired the asset.

Berkshire Stewards Crossing offers 204 market-rate and 36 affordable units in a mix of one-, two- and three-bedrooms averaging 872 square feet. The property recently underwent a proven value-add renovation program through the upgrade of community as well as an interior unit renovation program. The apartments contain in-unit washer and dryers, walk-in closets, patio/balconies, wood burning fireplaces, vaulted ceilings and fenced-in yards. The property amenities include a pool, fitness center, volleyball court, grill area with firepit and outdoor lounge, dog run, bike racks and walking paths.

Located at 1000 Stewards Crossing Way, Berkshire Stewards Crossing is situated in a prime location less than one mile from Route 1 and Interstates 95 and 295 with convenient 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 offering access to nightlife, upscale dining and shops. Additionally, New York City and Philadelphia can be reached within an hour of the community.

Mercer County is one of the most dynamic and diverse apartment markets in New Jersey, largely due to the county’s extensive business base in Princeton, as well as Trenton’s position as the state’s capital. The area’s corporations and municipal agencies are economic drivers that continue to benefit the multi-housing market; market rents 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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Berkshire Residential Investments

Berkshire Residential Investments is a vertically integrated residential real estate investment and property management company with over 50 years of experience. Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge investment strategies, and hands-on development and operational experience. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, Dallas and San Francisco. As of March 31, 2021, Berkshire had approximately $12.1 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshireresi.com.