FRANKLIN, NJ – Holliday Fenoglio Fowler, LP (HFF) announced that it has closed the $54 million sale of The Harrison, a 316-unit, 20-story apartment property in Franklin Twp.
HFF marketed the property on behalf of the seller.
The Harrison is situated at 575 Easton Ave. less than one mile from Rutgers University and downtown New Brunswick. Originally built by the seller in 1974 and most recently renovated in 2015, the 11.4-acre property offers views of the Raritan River, Rutgers Stadium and downtown New Brunswick, and is accessible to major highways, including Interstates 95 and 287 and Routes 18 and 1. The Harrison has 38 studio, 178 one-bedroom and 100 two-bedroom units. Various unit renovations have occurred throughout the past eight years, with the buyer planning to continue further upgrades. The property’s amenity package includes a newly-renovated clubhouse, outdoor pool, parking garage, playground, dog park, fitness center and 2-in-1 basketball/tennis court. The 95%-leased property also features 24/7 concierge service.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval.
“This transaction reflects the strong demand for quality buildings with upside through unit renovations,” said O’Hearn. “The seller built a great asset, which is now going to be further upgraded to compete with some of the new supply in downtown New Brunswick.”