A joint venture between the KRE Group and Avenue Realty Capital have closed on the acquisition of the Summit Hill apartment complex in Springfield, NJ, for $70 million. Located at 100 Stone Hill Road, the 228 unit garden-style apartment community was built in 1968 and changed hands for just over $307,015 per unit. At the time of the sale, the 19 two and three story buildings were 97.4 percent leased. The partners plan to upgrade the community to include a clubhouse and state-of-the-art fitness center as well interior and exterior improvements to the community.
“Summit Hill is a great fit for our value-add portfolio given its location in a high-demand, supply-constrained market. Like Deer Creek and Royal Gardens, we can create value through investment in unit renovations and other capital improvements,” stated Darin Raiken, director of acquisitions for The KRE Group. “In addition, Summit Hill’s expansive grounds and beautiful wooded setting provide us with the opportunity to add amenities to offer a truly unique tenant experience within the local rental market.”
