Azure, Harbor Acquire 704-Unit Plainsboro MF

PLAINSBORO, NJ—A joint venture between Harbor Group International and Azure Partners has acquired The Crest at Princeton Meadows, a 704-unit, garden-style apartment community in Plainsboro, NJ.

HFF marketed the property on behalf of the seller.  Harbor, a private real estate investment and management firm, which controls a portfolio of worldwide assets valued at approximately $4 billion, and Azure, a real estate private equity firm based in New York City which says it focuses "on the opportunistic acquisition and management of real estate assets within high-growth markets" purchased the asset free and clear of existing debt.

The Crest at Princeton Meadows is 94 percent leased and has 37 two- and three-story residential buildings housing one- and two-bedroom units averaging approximately 830 square feet each.  The community, which has undergone significant capital improvements since 2012, features amenities such as an outdoor swimming pool with sundeck, barbecue grills, tennis courts, volleyball court, putting green and playground.  Situated on 40 acres at 3217 Ravens Crest Drive in the Princeton submarket of Middlesex County, the property is adjacent to the Meadows at Middlesex Golf Course and is approximately one mile from Route 1.  Additionally, the property is within six miles of Princeton University's main campus and the Princeton Junction transit station.

The HFF investment sales team representing the seller was led by senior managing director José Cruz, managing director Kevin O'Hearn, associate directors Michael Oliver and Steve Simonelli and supported by senior managing director Andrew Scandalios.

"With this transaction, the seller successfully executed their business plan for this property that began in 2012.  The Crest was acquired as a repositioning play in Plainsboro and was sold as a premiere asset with future upside," says Cruz.  "Harbor Group and Azure performed flawlessly and closed as expected."