PLAINSBORO--Demand for well-located multi-family investment properties like Deer Creek Apartments, which recently sold for $26.4 million in Middlesex County, in secondary commuter markets is gaining momentum, according to Gebroe-Hammer Associates of Livingston.
Gebroe-Hammer’s Joseph Brecher, executive vice president, identified the buyer, The Orbach Group, and orchestrated an off-market transaction of these 288 high-quality rental units from the seller, AIMCO.
Located at 305 Deer Creek Drive in the southwestern part of Middlesex County, the 24- building complex is comprised of a mix of spacious one- and two-bedroom units featuring private balconies or patios. On-site amenities include an outdoor pool, sports courts and walking paths. Select units have washers/dryers and walk-in closets.
The community also offers nearby access to major NJ Transit bus and rail routes as well as direct connections to Route 1, NJ Turnpike, Route 130 and Route 295. Deer Creek Apartments is also part of the award-winning West Windsor-Plainsboro Regional School District.
“Plainsboro Township has emerged as one of Middlesex County’s most favored ‘commuter communities’ for those employed locally and as far away as New York City and Philadelphia, both of which are just one hour away,” added Brecher. “Given its proximity to the Carnegie Center, and other office parks located on the Princeton Route 1 corridor, Plainsboro provides a constant pool of well-qualified renters. The township also has a significant amount of protected green open space, which adds to its serene setting.”
Gebroe-Hammer reports area occupancy rates to be 95 percent with average rents ranging from $900 to $1,400 for one- and two-bedroom units, respectively.
Gebroe-Hammer Associates
www.gebroehammer.com
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