Shamah Properties Acquires NJ Multifamily for $70M
The firm purchased a luxury, five-building apartment community in Princeton, NJ, which spans 217,259 square feet.
PRINCETON, NJ – Commercial real estate investment and management firm, Shamah Properties has acquired Copperwood Apartments in Princeton, NJ for $70.4 million.
The class A, luxury residential community encompasses five-buildings and spans 217,259 square feet. The property features 153 units, comprising 22 one-bedroom units, 130 two-bedroom units and one studio apartment.
Built in 2015, the complex features an underground parking garage, 30-acres of preserved woodland, outdoor exercise paths, a fitness center, barbeque areas and state-of-the-art in-unit finishes. The five properties are connected by landscaped walkways and seating areas.
Located at 300 Bunn Dr., Copperwood Apartments is situated near downtown Princeton and Route 1.
“Shamah Properties purchased Copperwood because it is a core asset located in an established growing market where we see much growth potential,” states Edward Setton, CFO and director of acquisitions at Shamah Properties. ”We are also looking to buy more multifamily properties in New Jersey, Philadelphia, Connecticut, North Carolina, Atlanta and parts of Florida.”