MORRISTOWN, NJ—JLL Capital Markets has closed the $92.15 million sale of Parc at Princeton Junction, a 232-unit, Class A, transit-oriented multi-housing community with ground-floor retail space in Princeton, NJ. JLL marketed the property on behalf of the seller, a joint venture between Toll Brothers Apartment Living and the Davis Cos. A private buyer acquired the property.
Built in 2018, Parc at Princeton Junction is comprised of one-, two- and three-bedroom apartment homes ranging from 750 to 1,349 square feet as well as 19,913 square feet of retail space.
The JLL Capital Markets investment sales team that represented the seller was led by Senior Managing Director Jose Cruz, Managing Director Michael Oliver, Senior Managing Director Kevin O'Hearn and Managing Director Steve Simonelli.
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"The Princeton multi-housing submarket has shown incredible fundamentals over the last 12 months with strong occupancy and outsized rent growth," said Oliver. "Coupled with the strong capital markets environment, this has resulted in incredible demand in the area from the investment community."
According to a prepared statement, apartment homes include luxury finishes as well as oversized windows, in-unit washer and dryer, spacious walk-in closets, available garage parking and a patio or balcony in select units.
The release notes that the community features a resort-style swimming pool, fitness center, bocce ball court, dog spa and wash, two-story clubhouse, outdoor grills and firepit, courtyard and sundeck. The property also offers on-site maintenance and management, a package delivery room, game room and reading room/library.
Located at 3000 Goldfinch Dr., the property features a free shuttle service for residents traveling the short 0.75-mile to the Princeton Junction train station, which offers direct service to New York City's Penn Station in less than an hour with stops in major employment centers such as New Brunswick, Metropark, Newark Airport and Newark Penn Station. The Princeton/Route 1 corridor, known locally as "Einstein's Alley," also features a high concentration of large corporations, positioning the community to attract both transit-oriented tenants and those working in the immediate area. Additionally, Parc at Princeton Junction is situated near three major higher education institutions, including Princeton University, Rider University and The College of New Jersey.
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