A rendering of The Morrison, a 325-unit luxury apartment development at 100 and 120 Cherry Hill Road in Parsippany — Courtesy: Cushman & Wakefield
By Joshua Burd
A developer has acquired a site in Parsippany that is fully approved for the construction of 325 upscale apartments, in a newly completed transaction by Cushman & Wakefield.
The brokerage team on Thursday announced the sale of 100 and 120 Cherry Hill Road, which spans 26.65 acres, to Accurate Builders and Developers. Plans call for a two-building multifamily project known as The Morrison, with 65 units designated to serve low- and moderate-income renters.
C&W’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Frank DiTommaso, Ryan Dowd and Peter Welch represented the sellers, an institutional partnership.
“The multifamily development community recognized the rarity and uniqueness of the opportunity to acquire not only a fully approved site, but one that is located in one of northern New Jersey’s most dynamic suburban markets,” Whitmer said. “This led to a very aggressive bidding environment from a depth as well as breadth of interested parties.”
In a news release, C&W said each building is designed to provide four levels of residential units over ground-level parking. The site is in the vicinity of parks, lakes and golf courses, along with retail and grocery stores, and is 10 minutes from downtown Morristown.
“We are very excited to add this future community to Accurate Builders and Developers’ portfolio. Its attributes align with the importance we place on developing the best quality alongside providing excellence in service,” said Jack Klugmann, CEO of the Lakewood-based firm. “This successful transaction occurring during a pandemic is a testament to the professionalism of all parties involved, and for that we are grateful.”
Dowd added: “Our marketing process confirmed an increasingly bullish outlook on the future of apartments located in the suburban areas of the New York metropolitan area.”