Max on Morris at 175 Morris St. in Morristown — Courtesy: The Hampshire Cos.
By Joshua Burd
The Hampshire Cos. has sold an 85-unit apartment building in Morristown that it unveiled last year at a site near NJ Transit rail service and just west of Interstate 287.
The developer, which is based in the town, completed the deal after its successful lease-up of what’s known as Max on Morris at 175 Morris St. A private buyer purchased the collection of luxury studio, one-bedroom and two-bedroom homes, which has a shared coworking lounge with private meeting rooms, work pods for hybrid and remote workers and other amenities.
Cushman & Wakefield’s Niko Nicolau, Ryan Dowd, David Jarvis, Peter Welch and Alex Ebers represented both parties in the deal, while Progress Capital’s Brad Domenico arranged $23.7 million in acquisition financing. Terms were not disclosed.
“Max on Morris’ contemporary design and cutting-edge functionality around how people live, work and play today made it a highly attractive asset in the current market,” said James E. Hanson, Hampshire’s CEO and president. “I’d like to thank our team for their hard work and shared vision in successfully executing our investment strategy for this property and I look forward to continuing to work with them to bring similarly transformative real estate investments to life in our home state of New Jersey and across the United States.”
Hampshire debuted Max on Morris in March 2023 after redeveloping the former site of an oil depot and landscaping yard. It did so to capitalize on a location that is steps from downtown Morristown’s selection of dining, entertainment and cultural destinations and easily accessible by rail or car.
Other amenities at the property include a second-floor entertainment lounge and a break room with a banquette that opens to an outdoor amenity deck with grilling stations. Bike storage and electric vehicle charging stations are also available to residents.
Meantime, Max on Morris has four units reserved as affordable housing and 14 that are designed for residents with special needs. Cohome, a Morristown-based organization that provides adults with disabilities meaningful opportunities to fully engage with their communities and lead fulfilling lives, operates the supportive housing units.
