Morris Crossing Apartments at 23 Max Drive in Morris Township — Courtesy: JLL
By Joshua Burd
A multifamily owner has reaped nearly $40 million from the sale of a 123-unit, garden-style apartment complex in Morris County, following a sale arranged by JLL.
Brokers with the firm represented Morris Crossing Apartments LLC in marketing the six-building community at 23 Max Drive in Morris Township. JLL also procured the buyer, Shamah Properties LLC, which purchased the Morris Crossing Apartments complex for $39.5 million.
The JLL capital markets team in the deal included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman.
“Morris Crossing’s renovation upside and suburban infill location helped to generate substantial interest from the buying community,” Cruz said. “The market reacted very well to the offering resulting in strong pricing for the asset.”
In a news release, JLL noted that Morris Crossing includes 82 one-bedroom, 31 two-bedroom and 10 three-bedroom apartments. The 12-acre property sits on a cul-de-sac just off Route 202, about one mile northwest of downtown Morristown and within one mile of both the Morris Plains and Morristown train stations.
Features include wood-burning fireplaces, private garages, in-unit washers and dryers, central air conditioning and heating and hardwood flooring. The property is 96 percent leased.
