34 Bank St. in Netcong — Courtesy: Cushman & Wakefield
By Joshua Burd
A development team has sold a newly built, 126-unit apartment complex in northwestern Morris County, in a transaction arranged by Cushman & Wakefield.
According to the brokerage team, which represented CrownPoint Group in the sale, an affiliate of Keasbey-based Landmark Cos. paid $44.5 million for the property at 34 Bank St. in Netcong. The deal follows CrownPoint’s redevelopment of what was a 4.8-acre former manufacturing complex at the site, which it first acquired in 2019 under a joint venture with Circle Squared Alternative Investments and The Hampshire Cos., giving way to a collection of new upscale apartments delivered last year.
“The sale of 34 Bank Street serves as a great example of how well received thoughtfully designed apartment communities are in northern New Jersey, by both residents as well as investors,” C&W’s Brian Whitmer said. “This asset was very sought after in our bidding process as the market recognized the uniqueness the location which offered great commutability being walkable to the train as well as quick access onto I-80 and Routes 46 and 206.”
Whitmer represented the seller alongside Niko Nicolaou, Andrew Merin, Ryan Dowd, Peter Welch, Will Gerlin and JP Hohl. In a news release, they noted that 34 Bank St. consists of four three- and four-story apartment buildings housing a mix of one-, two- and three-bedroom units, with high-end finishes and amenities such as grilling stations, fire pits, a clubhouse and a fitness center.
NAI DiLeo-Bram & Co. Principal Eric B. Johnston represented the buyer, the real estate services firm announced separately.
“Demand for Class A properties in the multifamily sector continues to be very strong,” Johnston said. “We are pleased to have been able to help negotiate this transaction on behalf of the buyer, Landmark Companies LLC. This marks the third multifamily property our firm has sold recently, totaling over 275 units.”