JLL announced today that it has closed the $39.5 million sale of Morris Crossing Apartments, a 123-unit, garden-style apartment community in Morristown, New Jersey.
JLL marketed the property exclusively on behalf of the seller, Morris Crossing Apartments LLC, and procured the buyer, Shamah Properties, LLC.
Morris Crossing is a six-building, institutional-quality community that comprises 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units averaging 948 square feet. The 12-acre property is situated on a tranquil cul-de-sac just off Route 202, approximately one mile northwest of Morristown’s vibrant downtown. Morris Crossing is also located within one mile of both the Morris Plains and Morristown train stations, which provide direct service into Manhattan, and is close to Interstate 287 and various amenities. Features include wood-burning fireplaces, private garages, in-unit washers and dryers, central air conditioning and heating, and hardwood flooring. The property is 96 percent leased.
The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman.
“Morris Crossing’s renovation upside and suburban infill location helped to generate substantial interest from the buying community,” Cruz said. “The market reacted very well to the offering resulting in strong pricing for the asset.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.