KRE Group, Oxford Realty acquire 550-unit rental property in Piscataway
PISCATAWAY, NJ — The KRE Group and Oxford Realty Group announced 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 Ave. 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% 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.