M id A tlantic Real Estate Journal — Owners, Developers & Managers — Industry Experts — December 24, 2021 - January 20, 2022 — 13C Industry Experts
www.marej.com
Sale of New Jersey multi-housing community closes JLL Capital Markets completed the sale of the 632-unit eaves Lawrenceville near Princeton
AWRENCEVILLE, NJ — JLL Capital Mar- kets has closed the sale of eaves Lawrenceville, a 632- unit, value-add, garden-style multi-housing community near Princeton University in Lawrenceville. JLL represented the seller, AvalonBay Communities, Inc. Constructed in two phases in 1992 and 1996, the institution- ally owned and maintained eaves Lawrenceville contains 19 buildings that house one-, two- and three-bedroom units that average 1,120 s/f in size. The amenity-rich community has two swimming pools, a dog park, carports, fitness center, clubhouse, outdoor gazebos, tennis court, playground, rac- quetball court and three bar- beque areas. eaves Lawrenceville spans 46.76 acres at 1000 Town Court South in a prime loca- tion within the Princeton sub- market in in Lawrenceville, which is adjacent to Princeton, one of the most affluent towns in the country and home to the prestigious Princeton Univer- sity. Less than one mile from Route 1, residents of the com- munity have easy access to key employment hubs in the region that is well known for its booming life sciences sec- tor. Additionally, Princeton Junction Station, which offers direct service to both New York City and Philadelphia, is a seven-minute drive from the property. The JLL Capital Markets Sales and Advisory team rep- resenting the seller was led by senior managing director Jose Cruz , managing directors Michael Oliver and Steve Simonelli and senior manag- ing director Kevin O'Hearn . “The incredible demand for multi-housing in central New Jersey has continued into the fourth quarter of this year, with multiple bidders pursu- ing eaves Lawrenceville in the marketing process,” Cruz said. “The pricing reflects the continued influx of equity and debt for value-add properties that need renovation capital.” In other news, JLL an- nounced that its affiliate Jones Lang LaSalle Se- curities LLC (JLLS) has advised on the formation of an $800 million joint venture and helped arrange acquisition financing on behalf of Arden Group and Arcapita Group L
In addition, the joint venture plans to grow the portfolio up to $2 billion in gross asset value across the top 25 US industrial markets. A team comprising members from JLLS and JLL Capital Markets advised the venture and arranged the financing and was led by managing di- rector Sheheryar Hafe ez, se- nior managing director John Huguenard , senior managing director John Rose , senior di- rector BrianWalsh , senior di- rector Ross Bratcher and as- sociates Anderson Granger and Michael Brady . MAREJ
for a portfolio of small- and medium-bay multi-tenant warehousing space across major U.S. markets. The new joint venture ac- quired an initial $550 mil- lion, 18-property, five-million s/f industrial portfolio across Atlanta, Charlotte, Columbus, Dallas, Houston, Philadelphia and Indianapolis. An addition- al $250 million of investment will close soon and bring the total to $800 million across 32 properties with more than 1,100 tenants and totaling more than seven million s/f in nine US markets.
eaves Lawrenceville
Principals Michael J. Acquaro-Mignogna, MAI, SRA, AI-GRS Gary E. Heiland II, MAI, AI-GRS
Providing Real Property Valuation and Consulting Services in Pennsylvania, New Jersey and Delaware
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