Architect J. Robert Hillier has 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 privately held real estate management firm that buys, repositions, managing, finances, and disposes of residential property in New York and New Jersey. Established in 1980, the firm has offices in Edison and currently manages more than 1,000 apartment units in New York and New Jersey.
“What we learned, during the sales process, was that, in the real estate community, Copperwood is considered one of the most elegant multifamily projects in the entire state of New Jersey,” Hillier said of the sale in an email responding to a Planet Princeton inquiry.
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., spent about a decade making his vision for the project a reality. The complex is located on the environmentally sensitive Princeton Ridge. Environmentalists filed a lawsuit against the municipality in 2011 challenging the zoning for the site. The footprint of the development was decreased and a portion of the land was deeded to the municipality to be preserved as open space as part of a settlement. Copperwood was opened in the fall of 2014.
Hillier told Planet Princeton that Copperwood residents were notified about the change in ownership. He also said the same on-site staff members who were working at Copperwood would continue under the new ownership.
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August 13, 2021 at 08:28AM
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Copperwood Apartments in Princeton sold to a real estate company - - Planet Princeton
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