JLL Capital Markets closes sale of multihousing community in Lawrenceville

AvalonBay Communities-owned eaves Lawrenceville has been sold. JLL Capital Markets represented the seller in the transaction, which was announced Thursday.

The 632-unit, value-add, garden-style multihousing community near Princeton University was constructed in two phases in 1992 and 1996. It spans 46.76 acres at 1000 Town Court S. in a prime location within the Princeton submarket. Less than one mile from Route 1, residents of the community have easy access to key employment hubs in the region that is well known for its booming life sciences sector.

Additionally, Princeton Junction Station, which offers direct service to both New York City and Philadelphia, is a seven-minute drive from the property.

The institutionally owned and maintained eaves Lawrenceville contains 19 buildings that house one-, two- and three-bedroom units that average 1,120 square feet in size. The amenity-rich community has two swimming pools, a dog park, carports, fitness center, clubhouse, outdoor gazebos, tennis court, playground, racquetball court and three barbeque areas.

The JLL Capital Markets sales and advisory team representing the seller was led by Senior Managing Director Jose Cruz, Managing Directors Michael Oliver and Steve Simonelli and Senior Managing Director Kevin O’Hearn.

“The incredible demand for multihousing in central New Jersey has continued into the fourth quarter of this year, with multiple bidders pursuing 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.”

“This transaction represents the fifth significant multihousing sale in the Princeton area in 2021, illustrating the incredible demand from capital in this flourishing submarket,” Oliver added.