JLL closes $39.5M sale of Northern New Jersey apartments
Institutionally owned, garden-style apartment complex trades in Morristown submarket
MORRISTOWN, N.J., November 5, 2019 – JLL announced today that it has closed the $39.5 million sale of Morris Crossing Apartments, a 123-unit, garden-style apartment community in Morristown, New Jersey.
JLL marketed the property exclusively on behalf of the seller, Morris Crossing Apartments LLC, and procured the buyer, Shamah Properties, LLC.
Morris Crossing is a six-building, institutional-quality community that comprises 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units averaging 948 square feet. The 12-acre property is situated on a tranquil cul-de-sac just off Route 202, approximately one mile northwest of Morristown’s vibrant downtown. Morris Crossing is also located within one mile of both the Morris Plains and Morristown train stations, which provide direct service into Manhattan, and is close to Interstate 287 and various amenities. Features include wood-burning fireplaces, private garages, in-unit washers and dryers, central air conditioning and heating, and hardwood flooring. The property is 96% leased.
The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman.
“Morris Crossing’s renovation upside and suburban infill location helped to generate substantial interest from the buying community,” Cruz said. “The market reacted very well to the offering resulting in strong pricing for the asset.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Shamah Properties, LLC
Shamah Properties, established in 1980 is an independent sponsor of multi-family real estate providing direct investment to institutional equity, family office and high-net-worth investors. Shamah owns and manages a portfolio of over 2,000 apartments and mixed-use properties throughout New York and New Jersey and currently in the process of expanding its footprint into other major East Coast markets. For more information visit shamahproperties.com.