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Formerly known as Thousand Oaks Village, the property just off Route 36 will now be called Atlantic Pointe , according to a news release. Even as KRE Group is in the midst of developing some of the state's most ambitious, high-density projects, the real estate investment and management company has steadily put an emphasis on acquiring garden-style apartments within the radius of Manhattan with the intent on renovating the units and upgrading the properties' amenities. In less than three years, KRE Group has invested $350 million and acquired more than 1,800 rental units throughout New Jersey under this strategy. The other four properties are in Piscataway, Springfield and Plainsboro, where they own two properties. Jonathan Kushner, president of KRE Group, previously told NJ Advance Media they are primarily "feeding off the workforce in New York City." "Whether it is suburbs or urban, we like the business of owning apartments in New Jersey," he said. In the communities where they have acquired the properties, there are often strict zoning and building ordinances that prevent new multifamily housing from coming to the market. "The constraints on building a new apartment supply create a situation where the best way to create 'new' apartments is to transform old product, even from the 1960s or 1970s, into apartments with the new finishes, layouts and amenities that today's renters want," Darin Raiken, KRE Group's director of acquisitions, said last summer. Inside the a garden-style apartment in Plainsboro where KRE Group renovated the units after purchasing the property. Pictured is the original kitchen, left, and the renovated one. (Courtesy KRE Group) Raiken said the turnover in these apartments is very high throughout the state, so when a tenant leaves, KRE will renovate each unit on a one-by-one basis, as well as upgrading and adding amenities to the property. "No tenants have said, 'Please stop making our community better,'" Kushner said recently.
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