18B — March 25 - April 14, 2016 — Owners, Developers & Managers — Multifamily | Walter R. Cohn, Esq. EXPO 2016 — M id A tlantic

Real Estate Journal www.marejournal.com

M ultifamily | W alter R. C ohn , E sq . EXPO 2016 Deal is second value-add acquisition in four months for the partnership KRE Group, Oxford Realty & Verde Capital acquire 288-unit rental property in Plainsboro

lainsboro, NJ — The KRE Group , a full-service real estate investment and manage- ment company with more than five decades of experi- ence, and Oxford Realty Group , a family-owned and operated real estate manage- ment company with proper- ties throughout New Jersey, Pennsylvania and New York, announced that they have jointly acquired Deer Creek, a 288-unit rental community in Plainsboro, in partnership with Verde Capital. Deer Creek is a collection of P

one- and two-bedroom apart- ments just off of Plainsboro Road, about four miles from Route 1 and five miles from the NJ Tpke. The partnership paid $45 million for the asset. Deer Creek is the second property KRE and Oxford have jointly acquired in the last four months. In Novem- ber, 2015, the companies purchased Royal Gardens, a 550-unit rental community in Piscataway, for $107.25 mil- lion, in partnership with Blue Vista Capital Management . Like Royal Gardens, the partnership was attracted to

Deer Creek because it offers an excellent opportunity to improve the asset’s profitabil- ity through capital improve- ments. “We believe Deer Creek is a property with enormous po- tential,” said Darin Raiken , director of acquisitions for The KRE Group. “We plan on executing a strategy similar to the one we’ve implemented at Royal Gardens, investing in capital improvements to enhance tenant quality of life and increase the value of the property.” Deer Creek is situated on a 34-acre campus of apart- ment buildings, tree-lined streets and manicured lawns that border a wooded section of the Cranbury Brook. It includes an outdoor pool, two tennis courts and access to a scenic nature trail that winds along the brook and leads to a nearby park. As part of the property upgrades, KRE will construct a new fitness center, according to Raiken. The partnership has a num- ber of renovations planned for Deer Creek, including luxury finishes such as granite kitchen countertops, stainless steel appliances and in-unit washer/dryers. Unit layouts will also be reconfigured to create more open, contempo- rary living spaces. “The Deer Creek and Royal Gardens deals are both part of an ongoing initiative to active- ly grow our portfolio of mul- tifamily properties through value-add acquisitions,” said Jonathan Kushner , presi- dent of The KRE Group. “We are big believers in the future of the New Jersey rental market, as well as the growth potential reinventing select properties offers. We will continue to look for similar opportunities that allow us to deploy capital wisely and cater to our strengths as a company.” KRE is also one of the most active residential real estate developers in the region. The company has developed iconic communities in Jersey City such as Grove Pointe, 225 Grand and 18 Park, and is currently developing “Journal Squared”, a collection of three residential towers in Jersey City’s historic Journal Square neighborhood that will ulti- mately comprise 1,838 rental residences and 36,000 s/f of commercial space. n

Deer Creek

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