Cushman & Wakefield has brokered the sale of a downtown Morristown apartment community.
The Teterboro-based real estate firm said on Monday that Palo Alto-based Pacific Urban Residential has acquired The Highlands at Morristown Station, a 217-unit building located on Lafayette Avenue and Morris Street.
The six-story building at 10 Lafayette Ave. is adjacent to New Jersey Transit‘s Morristown Station and is within close access to retail, restaurants, nightlife, office buildings, hotels and more. The property boasts modern homes, a full range of lifestyle amenities, parking and 7,500 square feet of ground-floor retail.
“This offering represented an opportunity for repositioning of a class A apartment community in one of New Jersey’s most desirable 24/7 markets,” said Cushman & Wakefield’s Brian Whitmer, who represented the seller and procured the buyer along with Andrew Merin, David Bernhaut, Gary Gabriel, Adam Spies, Kevin Donner, Kyle Schmidt, Ryan Dowd and Mark Phillips. “The submarket’s affluent demographics and this property’s superior location supports higher-end unit refinishing and modernized amenities.”
Merin said Morristown’s live-work-play environment has made it one of the top areas for the state’s young and affluent.
“Morristown, considered a new mecca for millennials and empty-nesters in search of convenience and experience in a walkable environment, is poised for a bright future with continued expansion to service the demands of a growing resident base,” Merin said. “Its CBD is poised for a rapid commercial expansion as well.”
Financial terms were not disclosed.