The Highlands at Morristown Station at 10 Lafayette Ave. in Morristown — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment group has acquired a well-known, 217-unit luxury apartment complex adjacent to the downtown Morristown train station, brokers with Cushman & Wakefield said Monday.
In a news release, the real estate services firm announced that Pacific Urban Residential LLC has purchased The Highlands at Morristown Station, a six-story property at 10 Lafayette Ave. C&W represented the seller in the deal, the terms of which were not disclosed.
“This offering represented an opportunity for repositioning of a Class A apartment community in one of New Jersey’s most desirable 24/7 markets,” Cushman & Wakefield’s Brian Whitmer said. “The submarket’s affluent demographics and this property’s superior location supports higher-end unit refinishing and modernized amenities.”
Whitmer completed the assignment alongside Andrew Merin, David Bernhaut, Gary Gabriel, Adam Spies, Kevin Donner, Kyle Schmidt, Ryan Dowd and Mark Phillips of C&W’s New Jersey-based capital markets team. The firm noted that The Highlands represents the third multifamily acquisition in the Northeast for Pacific Urban Residential, which is based in Palo Alto, California, since it established a Northeast regional office last year.
Woodmont Properties and Roseland Residential Trust originally developed the property, which opened in 2010. Published reports earlier this year said C&W was marketing the complex on behalf of PGIM Real Estate.
In announcing the deal Monday, C&W highlighted the community’s location adjacent to NJ Transit’s Morristown station, along with the surrounding retail, restaurants, nightlife, office buildings and hotels. Renters have access to amenities, structured parking and 7,500 square feet of ground-level retail.
“Morristown, considered a new mecca for millennials and empty-nesters in search of convenience and experience in a walkable environment, is poised for a bright future with continued expansion to service the demands of a growing resident base,” Merin said. “Its CBD is poised for a rapid commercial expansion as well.”
C&W noted that Morristown has four proposed office developments in its pipeline that total more than 700,000 square feet. The Highlands is adjacent to what would be the largest among them, a proposed 380,000-square-foot project by SJP Properties and Scotto Properties.
“This additional office inventory is anticipated to expand the daytime population by approximately 3,500 people,” Merin said.
