PLAINSBORO, NJ – Fieldstone Properties has purchased eaves Plainsboro, a 776-unit, garden-style apartment community in Plainsboro, NJ, from AvalonBay Communities, Inc. for $117 million in a sale brokered by HFF. The price works out to about $150,000 per unit.
eaves Plainsboro consists of 58 two-story buildings with 624 one- and 152 two-bedroom units. Community amenities include a centrally located clubhouse, fitness center, community room with fireplace, outdoor swimming pool with sundeck, tennis courts and jogging trail. The 46.4-acre property at 60 Fox Run is walking distance to downtown Plainsboro. The property is within one mile of Route 1, the main thoroughfare in the area, and is a short walk to the NJ Transit bus stop, which provides access to the Princeton Junction Transit Station. The community is also within two miles from the newly-opened University Medical Center of Princeton.
HFF senior managing director Jose Cruz, managing director Kevin O'Hearn, associate director Michael Oliver led the HFF investment sales team representing the seller, with support from senior managing director Andrew Scandalios.
“Fieldstone performed very well and has added a quality asset with upside potential to their growing New Jersey portfolio,” says Cruz.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
