Modera Parsippany at 1715 Route 46 in Parsippany
By Joshua Burd
The developer of a two-year-old, 212-unit apartment building in Parsippany has sold the property, reportedly for nearly $70 million.
The firm, Mill Creek Residential, recently closed on its sale of the property at 1715 Route 46 to the joint venture of Harbor Group International and Maya Capital. The partnership reportedly paid $68 million for the complex known as Modera Parsippany, which opened in spring 2018.
JLL was marketing the four-story property last year with a team that included Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, Dan Cashdan and J.B. Bruno. In the firm’s original marketing materials, the brokers noted that Modera Parsippany includes layouts ranging from studios to two-bedrooms, with a host of amenities and a location about seven miles from downtown Morristown.
Those offerings include a two-floor fitness center with yoga studio, a hotel-inspired salt water swimming pool with sun deck and a clubroom with 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.
As of last June, the property was 92 percent leased.
Real Estate Alert first reported the deal, noting that the building’s new owners have changed its name from Modera to The Mark Parsippany.
