Carmel Partners has acqired Plainsboro, New Jersey-based Hunters Glen, an 896-unit garden apartment complex. No financial terms were disclosed.
San Francisco, February 1, 2018 – Carmel Partners (“Carmel”), a leading real estate investment manager and multifamily specialist, today announced it has acquired Hunters Glen, an 896-unit garden apartment complex, well-located in the community of Plainsboro, New Jersey. The acquisition represents Carmel’s first investment in New Jersey and a continuation of its East Coast expansion. Terms of the transaction were not disclosed.
Hunters Glen, built in 1978, is a multifamily residential apartment property located at 1109 Hunters Glen Drive. The complex, situated in a park-like setting with mature trees, consists of 61 two-story wood frame buildings covering a 52.7-acre site in Plainsboro Township. The property offers a mix of well-sized one-bedroom, two-bedroom/one-bath and two-bedroom/two-bath units. It is located three miles from Route 1, the main employment corridor within the area, five miles from Princeton University, and within a few miles of a major medical center. Plainsboro, in central New Jersey, is equidistant from both New York City and Philadelphia.
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.
Trey Hilberg, Senior Vice President and Head of Investments for Carmel Partners, said, “We are excited to make Hunters Glen our debut investment in New Jersey. 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. We look forward to making Hunters Glen the residence of choice for people attracted to this vibrant community.”
The property was marketed by HFF. The HFF investment advisory team representing the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Hunters Glen provides wonderful upside through unit renovations and upgrading of the amenities. That, combined with a lack of significant future development in the submarket and access to the major highways, made this investment very attractive to investors,” stated Mr. Cruz.
About Carmel Partners
Founded in 1996, Carmel Partners is one of the nation’s leading specialists in real estate investment management, focusing on U.S. multifamily development and construction. Carmel seeks superior risk-adjusted returns across varying market cycles, executed through its vertically integrated platform in supply-constrained, high barrier-to-entry markets in the U.S. Since the firm’s founding, Carmel has bought and renovated or developed, or is in the process of renovating or developing, more than 38,000 apartment units with an estimated value in excess of $11 billion. Headquartered in San Francisco, Carmel has offices in Denver, Los Angeles, New York, Seattle and Washington, D.C. For more information please visit www.carmelpartners.com.
Holliday Fenoglio Fowler, L.P. and Holliday GP Corp. (collectively “HFF”) are licensed New Jersey real estate brokers. HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.