Architect J. Robert Hillier sold the Copperwood apartment complex he designed and developed on Bunn Drive in Princeton to a New Jersey-based real estate company.
According to public records, the property was sold for $ 70 million to Copperwood Associates, which is part of Shamco Management, a private property management company that buys, repositions, manages, finances and sells residential properties in New York and the United States. New Jersey. . Founded in 1980, the company has offices in Edison and currently manages over 1,000 apartments in New York and New Jersey.
“What we learned, during the selling process, is that, in the real estate community, Copperwood is considered to be one of the most stylish multi-family projects in the entire state of New Jersey,” Hillier said. about the sale in an email responding to a Princeton Planet Survey.
Hillier said residents of Copperwood have been notified of the change in ownership. He also said the same on-site staff who worked at Copperwood would continue under the new owner.
Copperwood, which is located at 300 Bunn Drive, has 153 one- and two-bedroom rental units.
Hillier, who has offices in Princeton and lives in New Hope, Pa., Has spent nearly a decade realizing his vision for the project. Prior to his project, builder Hovnanian received approvals in 2005 to build 140 condominiums for residents 62 and older on the site. The plan faced legal battles, and then a shortage of buyers convinced the company to abandon the project. I
n late 2007, Hillier presented his proposal for the site, which was proposed as an apartment development for people aged 55 and over. The resort is located on the environmentally sensitive Princeton Ridge. Environmentalists filed a lawsuit against the municipality in 2011 challenging the zoning of the 21-acre site. The development footprint was reduced and part of the land was ceded to the municipality to be preserved as open space as part of a settlement. Copperwood opened in the fall of 2014. Hiller later requested that the age restrictions for the site be lifted.