KRE Group, Oxford Realty and Blue Vista Capital Management Acquire 550-Unit Rental Property in Piscataway, NJ
Royal Gardens Apartments Presents Value-Add Opportunity
BRIDGEWATER, NJ – The KRE Group, one of the largest privately held real estate companies in New Jersey, and Oxford Realty Group, a prominent family-owned and operated real estate management company with properties throughout New Jersey, Pennsylvania and New York, announced today that they have acquired a 550-unit rental property in Piscataway, NJ, in partnership with Blue Vista Capital Management.
Royal Gardens Apartments, located at 3060 New Brunswick Avenue in Piscataway, comprises 258 one-bedroom apartments and 292 two-bedroom residences on a 36-acre site. The partnership paid $107.25 million for the asset. Joseph Brecher of Gebroe-Hammer Associates represented the seller.
The partnership’s interest in the Royal Gardens community was based on several key factors it looks for in an investment opportunity, including the potential for increased profitability through capital improvements.
“Our acquisition strategy is flexible and opportunistic,” said Darin Raiken, Director of Acquisitions for The KRE Group. “We identified Royal Gardens as a value-add opportunity where we could effectively reposition the asset through capital improvements that will enhance tenant quality of life and significantly increase the value of the property.”
Royal Gardens is situated in a residential enclave of Piscataway near Route 287. The property is currently 96 percent occupied. The community includes surface parking for all residents and additional parking for guests. The Partnership plans to install additional amenities and property improvements, including an outdoor swimming pool.
The acquisition of Royal Gardens allows KRE to maintain a balanced portfolio of residential assets, including both new development properties and value-added acquisitions. The company has been one of the state’s most prolific real estate developers in recent years. KRE has been particularly active in Jersey City, developing and leasing prominent residential developments such as 18 Park, 225 Grand and Grove Pointe. It is currently developing “Journal Squared”, a collection of three residential towers in Jersey City’s historic Journal Square neighborhood that will ultimately comprise 1,838 rental residences and 36,000 square feet of commercial space. Other prominent projects in development include Madison Farms, a 100-acre mixed-use property in Bethlehem Township, PA that is slated for 837 luxury residences and 140,000 square feet of retail space; and Hudson Lights, a 1,000,000 square-foot mixed-use project in Fort Lee, NJ.
The Bridgewater-based KRE Group has a long-standing relationship with Oxford Realty Group, based in Highland Park. The two companies have developed and owned several multifamily properties in partnership in the past and continue to expand their portfolio of jointly owned assets.
“We are always looking for new opportunities,” Mr. Raiken said.
About The KRE Group
Headquartered in Bridgewater, NJ, KRE Group is one of the largest privately held diversified real estate companies in New Jersey. It owns and manages more than 6,000,000 square feet of office, warehouse and retail space. It also has a multi-family portfolio which exceeds 5,000 existing apartments, with an additional 7,000 in various stages of approval and construction. For more information, visit the company’s website at www.thekregroup.com.