The Monroe at 30 Cattano Ave. in Morristown — Courtesy: Cushman & Wakefield
By Joshua Burd
Livingston-based Tuli Realty has expanded its holdings, acquiring a 148-unit luxury apartment building in downtown Morristown for more than $61 million.
Brokers with Cushman & Wakefield arranged the sale, noting that The Monroe at 30 Cattano Ave. is a block from The Morristown Green and a short walk from NJ Transit’s Morristown station. Residents are also steps from shopping, dining, entertainment and recreational amenities in one of the region’s most vibrant downtowns, complementing on-site amenities such as a fitness center, a recreational courtyard and a rooftop terrace.
Cushman’s Niko Nicolaou, Ryan Dowd, JP Hohl, Michael Guerra, Kelly Kellett and Alexandria Russo Ebers represented both the seller, AION Partners, and the buyer in the $61.3 million deal. The firm’s John Alascio, Brad Domenico, Chuck Kohaut and Frank Stanislaski worked alongside Drew Fletcher of Greystone, a strategic financing partner of C&W’s multifamily capital markets platform, to arrange acquisition financing.
“The Monroe generated significant interest from investors given the strength of the Morristown market, the quality of the asset and the continued demand for well-located, transit-oriented multifamily properties across northern New Jersey,” Nicolaou said. “The property checks all the boxes institutional and private capital are targeting today, including walkability, high barriers to entry, strong demographics and long-term rental demand.”
Matt Tuli of Tuli Realty added: “This acquisition represents a strategic addition to our growing multifamily portfolio and reinforces our commitment to investing in premier New Jersey markets. The Monroe presents a unique opportunity to capitalize on compelling fundamentals driven by limited housing supply, strong employment centers and sustained demand for quality rental housing.
“We would also like to thank the teams at Cushman & Wakefield, Greystone and AION Partners for their professionalism throughout the process.”
