Princeton Hill Apartments

Shem Creek financed the acquisition of Princeton Hill Apartments with a three-year bridge loan. The loan proceeds facilitated the purchase and renovation of the 160-unit, garden-style, multifamily property in the affluent submarket of Princeton, New Jersey.

This Class B apartment complex had been generally well-maintained, although the seller, a generational owner who inherited the property, had focused on maintaining occupancy and limited their investment in the property given their low basis. As a result, the interior finishes were dated and its in-place rents were well below those of the overall market. Through targeted interior and exterior capital improvements, the sponsor was able to realize significant rental upside, capitalizing on the strong demographics in the submarket.