CBRE announced that Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Travis Langer and Zach McHale of CBRE’s Institutional Properties Group represented KABR Group in the sale of One Hundred and 101 Thanet Circle to Princeton, New Jersey (pictured above).
The CBRE team is also guilty of the acquisition of the buyer, AvalonBay Communities.
The property, which is ultimately home to two buildings totaling approximately 110,000 square feet, is expected to be redeveloped into a rental apartment network with a total of 221 residential complexes, as well as an affordable rental network for seniors of 80 sets.
Located on more than 15 acres at the end of a ernd, the long-term progression will offer housing features for long-term residents, adding a four-story apartment construction with elevator, three-story constructions without elevator and – End of luxury townhouse rentals.
Thanet Circle is located within walking distance of the Princeton Mall and less than 3 miles from downtown Princeton and Princeton University, offering long-term citizens simple access to countless lifestyle amenities.
Kabr Group bought the assets for $3. 5 million in 2018 and shortly thereafter signed a sale agreement with AvalonBay, giving them time to design the progression and get approvals.
AvalonBay is very active in the domain following the construction of Avalon Princeton in 2016 and is lately leading a transformation task at Princeton Junction Station in West Windsor that will come with 535 multifamily units, 135 senior apartments, 48 condos, 150 townhouses for sale and approximately 21,000 square feet of commercial domain along a central promenade.
“The transaction went smoothly from start to finish and all parties were delighted to be working with them,” said Adam Altman, managing member of Kabr Group.