Parc at Princeton Junction, a 232-unit housing community located less than a mile from Princeton Junction Train Station, has been sold to a private buyer for $92.15 million, JLL Capital Markets announced.
The property, built in 2018 off Bear Brook Road, was a joint venture between Toll Brothers Apartment Living and The Davis Companies. It offered one- to three-bedroom luxury apartments ranging from 750 to 1,349 square feet as well as nearly 20,000 square feet of ground-floor retail space.
The community features a resort-style swimming pool, fitness center, bocce ball court, dog spa and wash, two-story clubhouse, outdoor grills and firepit, courtyard and sundeck. The property also offers on-site maintenance and management, a package delivery room, game room, and reading room/library. A shuttle is available for the .75-mile ride to the train station.
The JLL Capital Markets investment sales team that represented the seller was led by senior managing director Jose Cruz, managing director Michael Oliver, senior managing director Kevin O’Hearn and managing director Steve Simonelli.
“The Princeton multi-housing submarket has shown incredible fundamentals over the last 12 months with strong occupancy and outsized rent growth,” Oliver in a statement. “Coupled with the strong capital markets environment, this has resulted in incredible demand in the area from the investment community.”