Page 11 - RE-NJ

PARSIPPANY APARTMENTS FETCH $83 MILLION, IN JLL-BROKERED DEAL
The deal comes two years after a joint venture of Harbor Group and Maya Capital purchased the complex for $68 million, in a deal that was also brokered by JLL’s New Jersey capital markets team. The seller at the time was its original developer, Mill Creek Residential, which delivered the property in spring 2018 under the name Modera Parsippany.
The building has amenities such as a two-floor fitness center with a yoga studio, a hotel-inspired salt water swimming pool with a sun deck and a
REALESTATENJTM 9 clubroom with a bar and lounge. Other
features include a car care station, a package concierge, dry-clean valet, a pet-grooming station and dedicated parking for each tenant.
The community, meantime, is within walking distance of NJ Transit bus service and is less than an hour from Midtown Manhattan. It’s also less than five minutes from Interstate 80 and provides quick access to Morris County’s vast population of Fortune 500 companies. RE
A global investment firm has sold a 212-unit luxury apartment building in Parsippany for more than $80 million, allowing a Boston-based buyer to expand its holdings in the state.
According to JLL, which brokered the sale at 1715 Route 46, the buyer and seller were
affiliates of
Harbor Group International and The DSF Group, respectively.
The four-story
property known
as The Mark
Parsippany
Jose Cruz traded for $82.5 million, with the team of Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver and Joseph Lembo representing the seller.
“The Mark presented an opportunity for investors to acquire an institutional-quality asset in a submarket with strong demographics,” Cruz said. “The capital responded very favorably to the offering.”
In announcing the deal, JLL said The Mark includes upscale studio, one-bedroom and two-bedroom apartments with an average unit size of 911 square feet. The property benefits from its location on Route 46 and proximity to Route 10, two of North Jersey’s major thoroughfares, and is a short drive from downtown Morristown.
The Mark Parsippany at 1715 Route 46 in Parsippany
Courtesy: JLL
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