Morris Crossing at 18-23 Max Drive in Morris Township — Courtesy: HFF
By Joshua Burd
A townhouse-style apartment community just outside Morristown is on the market for sale, according to brokers with HFF who are leading the offering.
The 123-unit complex, Morris Crossing, is located at 18-23 Max Drive in Morris Township and includes six two-story buildings with layouts ranging from studios to three-bedrooms. The property was built in 1967 and last renovated about a decade ago, HFF said, offering the potential for new improvements and rent growth.
Morris Crossing is projected to sell for around $40 million.
“Although the property’s unit interiors are in pristine condition, there is an opportunity to implement an upgrade program to further enhance returns,” HFF wrote in its marketing materials. “An investor could upgrade the apartment interiors including appliances and finishes such as stainless steel appliances, granite countertops, wood flooring, new fixtures and cabinets,”
HFF noted that rents are nearly 15 percent below the average of competitive properties, also touting the site’s location minutes from downtown Morristown. Meantime, it is close to two train stations and a long list of corporate employers in the surrounding towns.
The HFF marketing team includes Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman, while Matthew Pizzolato is overseeing financing.