PLAINSBORO, N.J. — Colony Hills Capital has acquired Addison at Princeton Meadows, a 440-unit community in the Central New Jersey community of Plainsboro. The Massachusetts-based investment firm purchased the asset from Kushner Real Estate Group for $115 million. Allan Szlafrok, Eli Maryl, Ohad Babo, and Michael Weiser of GFI Realty Services represented Colony Hills Capital in the transaction. Addison at Princeton Meadows is a garden-style community that offers studio, one- and two-bedroom units. Amenities include a pool, fitness center, tennis court, basketball court, dog park and outdoor grilling and dining …
MORRISTOWN, N.J. — JLL Capital Markets has promoted Elizabeth DeVesty to the role of director with the company’s New Jersey investment sales team. DeVesty will be based in Morristown and will primarily focus on multifamily investment sales transactions within the suburban tristate area. She will report to Senior Manging Directors Jose Cruz, Michael Oliver and Steve Simonelli. Prior to this role, DeVesty spent 13 years working with JLL and was most recently an associate at the firm. She earned her degree from Marist College in 2008.
PLAINSBORO, N.J. — JLL Capital Markets arranged the sale of Addison at Princeton Meadows, a garden-style community in Plainsboro. Jose Cruz, Steve Simonelli, Michael Oliver and Elizabeth DeVesty represented the seller, a joint venture between Goldman Sachs Asset Management and Kushner Real Estate Group. Addison at Princeton Meadows was built in 1979 and consists of 440 units across 28 buildings. Units come in of studio, one- and two-bedroom floor plans. Amenities include a pool with a fire pit, tennis and basketball courts, a dog park, fitness center children’s playground and …
TOMS RIVER, N.J. — Garden Communities has fully leased up Green Meadows at Pleasant Plains, a 175-unit in the coastal New Jersey township of Toms River. Development on the property was completed in February. Green Meadows at Pleasant Plains offers one- and two-bedroom apartments and two- and three-bedroom townhomes. Amenities include a pool, fitness center, community room, playground and walking trails.
HACKENSACK, N.J. — M&M Development acquired a redevelopment site in Hackensack from the estate of Donald Gonzalez in care of Michael Sprague Esq. Anthony Cassano of NAI James E. Hanson represented both the buyer and the seller in the transaction. The site comprises 30,800 square feet across five adjacent lots located at 75, 77 and 81 Linden St. as well as 80 and 84 Vanderbeck Pl. M&M Development plans to convert the property into a new community. The site is zoned for medium-density multifamily. A construction timeline was not disclosed.
WHIPPANY, N.J. — Coldwell Banker Realty New Homes has begun pre-leasing efforts for 34 Eden River Park in Whippany, approximately 5.5 miles from downtown Morristown, New Jersey. 34 Eden River Park offers 81 apartments ranging from 690 to 1,500 square feet in size. Monthly rents range from $2,995 to $5,900. Amenities include a pool with a hot tub, an outdoor lounge, a fitness center, a business center, a pet wash and secure bike storage. The first move-ins at the community are expected in August 2023.
LIVINGSTON, N.J. — Continental Properties has received a $49.7 million construction loan for the development of Highgate at Livingston, a 169-unit development in Livingston. Michael Gigliotti, Matthew Pizzolato, Michael Lachs and Benjamin Morgenthal of JLL Capital Markets arranged the financing through Truist Bank. Highgate at Livingston will rise four stories. Units will come in one-, two- and three-bedroom floor plans. Amenities include a clubhouse, private dining, a fitness center with a yoga studio, co-working lounge, pool, outdoor kitchen, bar, outdoor TV lounge and a dog run. A construction timeline for …
ELIZABETH, N.J. — LeCesse Development Corp. and MAS Development Group has secured $97.3 in financing for Vinty, a 267-unit mixed-use development in Elizabeth. Michael Klein, Steven Klein, Gerard Quinn and Benjamin Morgenthal of JLL Capital Markets arranged the five-year, senior floating-rate loan through an entity managed by Argentic Investment Management. Delivered in 2022, Vinty offers studio, one- and two-bedroom apartments, as well as 32,000 square feet of ground-floor retail space. Amenities include a fitness center, yoga studio, pool, outdoor summer kitchen and theater, lounge, a golf simulator, dog park and co-working …
IRVINGTON, N.J. — A partnership consisting of The NRP Group and Adenah Bayoh has opened 722 Chancellor Apartments, a 56-unit affordable community in Irvington, 3 miles west of Newark, New Jersey. Financing Partners for the project include the New Jersey Housing Mortgage Finance Agency, JPMorgan Chase Bank, Hudson Housing, The Township of Irvington and Greater Newark LISC. In addition, the Irvington Housing Authority provided five project-based vouchers. 722 Chancellor Apartments rises five stories and offers one-, two- and three-bedroom units to households earning at or below 60 percent of the …
CAMDEN, N.J. — The Michaels Organization (Michaels), a property development, investment and management firm based in Camden, has selected Rosa Estrada as regional vice president. Estrada succeeds Larry Padilla, following his departure from Michaels. Estrada has 20 years of urban planning, placemaking and affordable housing development experience. She joined Michaels in March 2022 as a vice president in the Mid-Atlantic Region. In this role, Estrada will serve as lead developer for all Michaels’ development activities in Puerto Rico, including Los Alamos, a 365-unit affordable housing community in Guaynabo City. Michaels …