JLL announced Tuesday it has closed on the $39.5 million sale of an apartment community in Morristown.
JLL said it marketed Morris Crossing Apartments on behalf of the seller, Morris Crossing Apartments LL, and procured the buyer, Shamah Properties LLC. The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman.
The complex is a six-building, garden-style community with 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units averaging 984 square feet. Features include wood-burning fireplaces, private garages, in-unit washer and dryers, central air and heat, and hardwood floors.
“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.”
The 12-acre property is just off Route 202 approximately one mile from downtown Morristown.