Improved interiors but also higher rents may be in store for Ravens Crest, the 704-unit apartment complex off Scotts Corner Road in Plainsboro. The complex was recently sold to an affiliate of Chicago-based Heitman, LLC, for a reported sum of between $92 and $98 million. Equity Residential was the previous owner.
“The buyer saw an opportunity to increase value, first by renovating the units, and then by increasing the rents,” said Jose Cruz of Holliday Fenoglio Fowler, the New York-based broker that handled the sale. Cruz said one key buying point was the strength of WW-P’s school district and proximity to New York for attracting commuters.
According to Cruz, Ravens Crest was on the real estate market for a total of five weeks. The complex currently consists of one and two-bedroom units and is currently 95 percent occupied. Holliday Fenoglio Fowler has handled other Plainsboro transactions, including the sale of Fox Run in January, 2011, to Avalon Bay Communities for $86.5 million as well as the 1,032-unit Quail Ridge and 440-unit Pheasant Hollow sales last July.
