HFF Closes Sale of The Crest at Princeton Meadows in Plainsboro, New Jersey

FLORHAM PARK, N.J.--(BUSINESS WIRE)--

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Crest at Princeton Meadows, a 704-unit, garden-style apartment community in Plainsboro, New Jersey.

HFF marketed the property on behalf of the seller. A joint venture between Harbor Group International and Azure Partners purchased the asset free and clear of existing debt.

The Crest at Princeton Meadows is 94 percent leased and has 37 two- and three-story residential buildings housing one- and two-bedroom units averaging approximately 830 square feet each. The community, which has undergone significant capital improvements since 2012, features amenities such as an outdoor swimming pool with sundeck, barbecue grills, tennis courts, volleyball court, putting green and playground. Situated on 40 acres at 3217 Ravens Crest Drive in the Princeton submarket of Middlesex County, the property is adjacent to the Meadows at Middlesex Golf Course and is approximately one mile from Route 1. Additionally, the property is within six miles of Princeton University's main campus and the Princeton Junction transit station.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O'Hearn, associate directors Michael Oliver and Steve Simonelli and supported by senior managing director Andrew Scandalios.

"With this transaction, the seller successfully executed their business plan for this property that began in 2012. The Crest was acquired as a repositioning play in Plainsboro and was sold as a premiere asset with future upside," stated Cruz. "Harbor Group and Azure performed flawlessly and closed as expected."

About Harbor Group International

Harbor Group International, LLC (HGI) is a private real estate investment and management firm, which controls a portfolio of worldwide assets valued at approximately $4 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company's real estate holdings include approximately six million square feet of commercial properties and approximately 25,000 apartment units. For additional information, please visit www.harborgroupint.com.

About Azure Partners

Azure Partners LLC (Azure) is a real estate private equity firm based in New York City focused on the opportunistic acquisition and management of real estate assets within high-growth markets in the United States. Since its founding in 2010, Azure has acquired in excess of $800 million of real estate in the multifamily and retail sectors.

About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. HF. HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

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