JLL sells 212-unit multihousing community in Parsippany for $82.5M

Morris County's Mark Parsippany was sold to affiliate of DSF Group

The Mark Parsippany, a 212-unit, four-story, Class A luxury apartment community in Parsippany, sold for $82.5 million, according to a Tuesday announcement from JLL Capital Markets.

JLL represented the seller, an affiliate of Harbor Group International LLC. An affiliate of the DSF Group acquired the asset.

Featuring studio, one- and two-bedroom apartments with an average unit size of 911 square feet, the Mark offers stainless steel appliance packages, wood-look plank flooring, walk-in showers, chef-inspired kitchens with quartz countertops and elegant islands, high-end custom cabinetry, keyless entry and full-size washers and dryers.

Located at 1715 U.S. Route 46, the property is a short drive from downtown Morristown’s shops, high-end retailers and over 75 bars/restaurants.

The JLL Capital Markets Sales and Advisory team representing the seller was led by Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver and Joseph Lembo.

“The Mark presented an opportunity for investors to acquire an institutional-quality asset in a submarket with strong demographics. The capital responded very favorably to the offering,” Cruz said in a statement.