Cushman & Wakefield arranges $44.5M sale of 126-unit multifamily community in Morris County

Cushman & Wakefield arranged the $44.5 million sale of 34 Bank St. in Netcong, according to a Tuesday announcement.

The asset is a newly constructed, 126-unit multifamily community completed in 2021. It consists of four three- and four-story apartment buildings that house one-, two- and three-bedroom units. Amenities include waterfront views, garages, grilling stations, fire pits, a clubhouse and fitness center. Units feature stainless steel appliances, quartz countertops, oversized windows and vinyl wood plank flooring.

C&W’s Brian Whitmer, Niko Nicolaou, Andrew Merin, Ryan Dowd, Peter Welch, Will Gerlin and J.P. Hohl represented the seller, CrownPointe Development Group, in the transaction. The buyer was an affiliate of Landmark Cos. of Keasbey.

“The sale of 34 Bank St. serves as a great example of how well-received thoughtfully designed apartment communities are in northern New Jersey, by both residents as well as investors,” Whitmer said. “This asset was very sought after in our bidding process, as the market recognized the uniqueness of the location, which offered great commutability, being walkable to the train as well as quick access onto I-80 and Routes 46 and 206.”