CBRE on Monday said its institutional properties group represented the KABR Group in the sale of 100 and 101 Thanet Circle in Princeton, a property that is to be redeveloped into a rental apartment community totaling 221 residential units as well as an 80-unit 100% affordable senior rental community.
CBRE’s Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Travis Langer and Zach McHale were instrumental in both selling the asset and procuring the buyer, AvalonBay Communities.
The property currently houses two office buildings that total approximately 110,000 square feet on more than 15 acres at the end of a cul-de-sac.
The future development will feature multiple living options, including a four-story apartment building with an elevator, three-story walk-up buildings and high-end luxury rental townhomes. Thanet Circle is located within walking distance to the Princeton Shopping Center and less than two miles from downtown Princeton and Princeton University, offering future residents ease of access to countless lifestyle amenities.
The KABR Group bought the property in 2018 and shortly thereafter executed a sales contract with AvalonBay, providing them with the necessary time to design the development and secure approvals.
AvalonBay is very active in the area, having built Avalon Princeton in 2016, and is currently spearheading a transformational project at the Princeton Junction Train Station in West Windsor that will include 535 multifamily units, 135 senior housing apartments, 48 condominiums, 150 for-sale townhomes and approximately 21,000 square feet of retail space along a centrally located promenade.
“We continue to enjoy a great relationship with KABR and AvalonBay,” Dunne said. “The buyer and seller achieved their goals in this transaction, and we look forward to working with both parties again in the near future.”
“The transaction was smooth from beginning to end and all parties were a pleasure to work with,” said Adam Altman, managing member of the KABR Group.
“This is a great outcome for not only the buyer and seller, but, more importantly, the community,” Neuer added. “At the outset, we knew introducing AvalonBay to the project would be a win-win for all parties involved.”