Sale of New Jersey multi-housing community closes
JLL Capital Markets completed the sale of the 632-unit eaves Lawrenceville near Princeton
MORRISTOWN, N.J., Nov. 18, 2021 – JLL Capital Markets announced today that it has closed the sale of eaves Lawrenceville, a 632-unit, value-add, garden-style multi-housing community near Princeton University in Lawrenceville, New Jersey.
JLL represented the seller, AvalonBay Communities, Inc.
Constructed in two phases in 1992 and 1996, the institutionally owned and maintained eaves Lawrenceville contains 19 buildings that house one-, two- and three-bedroom units that average 1,120 square feet in size. The amenity-rich community has two swimming pools, a dog park, carports, fitness center, clubhouse, outdoor gazebos, tennis court, playground, racquetball court and three barbeque areas.
eaves Lawrenceville spans 46.76 acres at 1000 Town Court South in a prime location within the Princeton submarket in in Lawrenceville, which is adjacent to Princeton, one of the most affluent towns in the country and home to the prestigious Princeton University. Less than one mile from Route 1, residents of the community have easy access to key employment hubs in the region that is well known for its booming life sciences sector. Additionally, Princeton Junction Station, which offers direct service to both New York City and Philadelphia, is a seven-minute drive from the property.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Senior Managing Director Jose Cruz, Managing Directors Michael Oliver and Steve Simonelli and Senior Managing Director Kevin O'Hearn.
“The incredible demand for multi-housing in central New Jersey has continued into the fourth quarter of this year, with multiple bidders pursuing eaves Lawrenceville in the marketing process,” Cruz said. “The pricing reflects the continued influx of equity and debt for value-add properties that need renovation capital.”
“This transaction represents the fifth significant multi-housing sale in the Princeton area in 2021, illustrating the incredible demand from capital in this flourishing submarket,” Oliver added.
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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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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About AvalonBay Communities, Inc
As of September 30, 2021, AvalonBay Communities, Inc owned or held a direct or indirect ownership interest in 293 apartment communities containing 87,416 apartment homes in 13 states and the District of Columbia, of which 17 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. More information may be found on the company’s website at avalonbay.com.