$82.5M sale of New Jersey multi-housing community
JLL Capital Markets completed the sale of the 212-unit The Mark Parsippany in Morris County to an affiliate of The DSF Group
MORRISTOWN, N.J., July 26, 2022 – JLL Capital Markets announced today that it has closed the $82.5 million sale of The Mark Parsippany, a 212-unit, four-story, Class A, luxury apartment community in Parsippany, New Jersey.
JLL represented the seller, an affiliate of Harbor Group International, LLC (HGI). An affiliate of The DSF Group acquired the asset.
The Mark features studio, one- and two-bedroom apartments with an average unit size of 911 square feet. Each unit offers stainless steel appliance packages, wood-look plank flooring, luxurious walk-in showers, chef-inspired kitchens outfitted 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 benefits from its convenient access to Route 46 and nearby Route 10, two of North Jersey’s major thoroughfares. The property is a short drive from downtown Morristown’s boutique shops, high-end retailers and over 75 bars/restaurants. Additionally, The Mark allows easy access to the Morristown CBD and is just 35 miles west of New York City.
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,” stated Cruz.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The DSF Group
With over $4.5 billion invested in real estate since 2000, offices in Boston and Washington D.C. and decades of deep-seated experience, The DSF Group strives to create unique, award-winning properties. We acquire well located multi-family properties near transportation hubs and then reposition the properties through the implementation of well thought out renovations, amenities and technology. From development and renovations through construction and asset management, financing and design, we are hands-on operators. The steady involvement of our principals drives the results of every project we invest in. For more information please visit: www.thedsfgroup.com