PLAINSBORO, N.J., Aug. 11, 2009 – In New Jersey’s largest multi-family rental property sale to date in 2009, Cushman & Wakefield’s Metropolitan Area Capital Markets Group has orchestrated the trade of Fox Run Apartments in Plainsboro, N.J. A joint venture of Vantage Real Estate and Angelo, Gordon & Co. acquired the 776-unit complex from Aimco this month.
According to Cushman & Wakefield’s Jose Cruz, who headed the assignment with team members Andrew Merin, David Bernhaut and Gary Gabriel, investors showed strong interest in the offering, which drew close to two dozen tours – a testament to its appeal in today’s challenging market.
“Fox Run Apartments historically has outperformed the competition by consistently maintaining an occupancy in the mid- to high-90 percent range,” Cruz said. “It offers amenities unique to this market, including a stand-alone clubhouse as well as a fitness center, an outdoor pool, tennis courts, a playground and attractive grounds.
“Aimco has been successful by focusing on maintaining occupancy,” he added. “The property’s new owner can take advantage of Fox Run’s positioning as the preferred option to target the area’s demographics.”
“We are pleased to have completed the successful sale of Fox Run,” said Aimco President David Robertson. “The proceeds will enable Aimco to pursue its larger strategic goals of concentrating our investment capital in our target markets and further reducing leverage.“
Cruz also cited Fox Run’s supply-constrained market as an investment draw. “Plainsboro is close to reaching its goal of 50 percent open space to 50 percent development,” he noted. “No large-scale apartment communities have been developed in Plainsboro since 1984, and none are planned.”
According to Merin, Fox Run’s location assures its long-term success. “The property sits minutes from the 6.2 million-square-foot Princeton office submarket and the Route 1 Corridor, and just two miles from the 4.6 million-square-foot Princeton Forrestal Center, which is home to more than 100 blue-chip corporations,” he said. “It also is the closest apartment community to the new University Medical Center of Princeton, which will attract 3,800 jobs upon its completion in 2011.”
Merin added that outstanding schools, two shopping centers within walking distance and terrific mass transit access and proximity further enhance Fox Run’s status.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group, based at the firm‚Äôs East Rutherford, N.J., office, specializes exclusively in real estate sales, joint ventures and financing in Northern New Jersey, Fairfield County, Conn.; and Long Island and Westchester County, N.Y. The team has completed more than $13.4 billion worth of transactions since 2000. For the past three years, this included an average of more than $2 billion annually, reaching $2.7 billion in 2007.