Berkshire sells 240-unit Princeton multifamily property after three-year hold

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Berkshire Residential Investments has sold a 240-unit multifamily community near Princeton three years after the investment management firm bought it.

JLL announced it brokered the sale of Berkshire Stewards
Crossing at 1000 Stewards Crossing Way in Lawrence Township for an undisclosed
sum. A private buyer acquired the asset.

Berkshire Stewards Crossing has 204 market-rate and 36
affordable units in a mix of one-, two- and three-bedrooms. The property
recently underwent an upgrade of community as well as an interior unit
renovations.

The apartments contain in-unit washer and dryers, walk-in
closets, patio/balconies, wood burning fireplaces, vaulted ceilings and
fenced-in yards. Amenities include a pool, fitness center, volleyball court,
grill area with firepit and outdoor lounge, dog run, bike racks and walking
paths.

Berkshire Stewards Crossing is situated less than one mile
from Route 1 and Interstates 95 and 295 with access to the area’s dominant
pharmaceutical and life sciences employers. The property’s central location
allows resident to reach Princeton and Trenton in 15 minutes with New York City
and Philadelphia an hour away.

Market rents in Mercer County have been steadily increasing
and grew eight percent year to date over 2020 market rent. Further
strengthening the market, only 745 units have been added over the last 10
years, speaking to the high barriers to entry and difficulty to gain approvals.
Mercer County’s vacancy rate has been in the single digits and has remained
below six percent over that period.

The JLL Capital Markets Investment Sales Advisory team
representing the seller was led by Michael Oliver, Jose Cruz, Steve Simonelli,
Kevin O’Hearn and Grace Braverman.

“We continue to see incredible demand for value-add
properties in strong suburban locations within the NYC MSA,” said Oliver.
“Pricing is significantly stronger then pre-COVID levels.”

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