Real estate investment firm Sagard Real Estate announced the acquisition of Highlands at Morris Plains, a workforce housing apartment community located in Morris Plains.
This acquisition marks the third investment for Sagard Real Estate’s recently launched moderate value-add, open-end fund, which targets seaport/last-mile industrial, attainable rental housing serving the local workforce, and other niche property subsectors in supply-limited and high-growth markets.
Highlands at Morris Plains is located in a northern New Jersey suburb with strong household demographics, proximity to transit, and access to major employment hubs. Located half a mile from the Morris Plains NJ Transit station and near interstates 287 and 80, and Route 24, it is just north of the county seat of historic Morristown.
Tyler Williams, co-portfolio manager for the fund, added, “We’re excited to add Highlands at Morris Plains to our portfolio, aligning with our strategy of investing in well-located assets in established, high-demand submarkets. We’ve targeted Northern New Jersey for its appeal to the greater NYC workforce, particularly for young families. The property’s physical plant, location and amenities provide a solid foundation for long-term investment, while the original unit finishes offer an opportunity to upgrade interiors and enhance value near-term.”
Built in 2003, Highlands at Morris Plains spans 5.4 acres and includes two wood-frame residential buildings totaling 116 apartment homes. The community features a fitness center, gazebo with barbecue stations, open green space, and covered and surface parking. Apartment interiors have 9-foot ceilings, stainless-steel appliances, in-unit washers and dryers, vinyl flooring, and walk-in closets.
Sagard Real Estate, founded in 1997, plans to implement a value-add renovation program, including upgrading 96 units, enhancing common areas, and improving outdoor amenities.
