Ridgedale Commons, a 29-unit luxury multifamily development under construction at 68-74 Ridgedale Ave. in Morristown, was recently sold for $6.8 million, according to an announcement from the Kislak Co.
Kislak marketed the property on an exclusive basis, with Senior Vice President Joseph Keenan handling the assignment on behalf of the seller, and he also procured the purchaser. The parties were not disclosed.
“The successful sale of Ridgedale Commons not only showcases the high demand for premium multifamily properties, but also highlights Morristown’s status as one of New Jersey’s most in-demand markets. This listing drew keen interest from a wide range of investors, both regional and local, as my team and I generated over 15 tours and as many offers. This sale not only demonstrates the desirability of the area, but also our ability to connect exceptional properties with the right investors,” Keenan said.
Ridgedale Commons is four-story, 37,726-square-foot multifamily development under construction on 0.72 acres. When completed, the property will include 29 townhome-style rental units with one one-bedroom unit with one bath, 21 two-bedroom units with one bath, six two-bedroom units with two and one-half baths and one three-bedroom unit with three baths. There are 25 market-rate units, two low-income units and two moderate-income units.
Located in Morristown among an array of commercial and other residential properties just off Interstate 287, the property is a half mile from the new M Station mixed-use development, the Morristown train station and Washington’s Headquarters, which is a part of Morristown National Historical Park, and a mile from Morristown Green.
Morristown is among the strongest rental markets in New Jersey, given its walkability and abundance of businesses, restaurants and commercial and retail offerings in its charming downtown. It is the county seat of Morris County, known for its storied history as the military capital of the American Revolution.