Residential development site sold to Lakewood builder

A residential development site — home to plans for 325 apartments — has been sold, according to real estate firm Cushman & Wakefield.

The firm said the 26.65-acre site at 100 & 120 Cherry Hill Road in Parsippany will become a two-building multifamily complex called the Morrison — including 65 units of affordable housing.

The team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Frank DiTommaso, Ryan Dowd and Peter Welch represented the sellers, an undisclosed institutional partnership.

“The multifamily development community recognized the rarity and uniqueness of the opportunity to acquire not only a fully approved site, but one that is located in one of northern New Jersey’s most dynamic suburban markets,” Whitmer said in a prepared statement. “This led to a very aggressive bidding environment from a depth as well as breadth of interested parties.”

The team also procured the buyer, Lakewood-based Accurate Builders and Developers.

“We are very excited to add this future community to Accurate Builders and Developers’ portfolio,” CEO Jack Klugmann said in a statement. “Its attributes align with the importance we place on developing the best quality alongside providing excellence in service. This successful transaction occurring during a pandemic is a testament to the professionalism of all parties involved, and for that, we are grateful.”