Morristown Gateway at 12 Ridgedale Ave. in Morristown — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The Kamson Corp. has expanded its apartment portfolio with the acquisition of a 23-unit building in Morristown, in a transaction arranged by The Kislak Co. Inc.
Brokers with the firm represented Morristown Gateway LLC, the seller, in its disposition of 12 Ridgedale Ave. An affiliate of Kamson, one of the largest private multifamily owners in the Northeast, paid $8.55 million for the five-year-old property.
“Morristown is thriving, and the purchaser was quick to capitalize on the opportunity to acquire a Class A property that is steps from the train station, restaurants, shopping and employment,” said Joseph Keenan, a senior vice president with Kislak. “When we began our marketing process, the response from interested parties starved for new product was overwhelming. Ultimately, in addition to price, Kamson’s terms and closing expertise won them the deal.”
Keenan represented the seller alongside Robert Holland, Kislak’s president, while Chief Operating Officer Jason Pucci and Senior Vice President Justin Lupo procured the buyer.
Known as Morristown Gateway, the midrise elevator building was 96 percent occupied at closing, Kislak said. The site is less than a quarter-mile from the town’s train station and a half-mile from the Morristown Green, while it provides quick access to Interstate 287.
“Morristown is one of the strongest and most vibrant markets in New Jersey,” Pucci said. “This transaction marked the successful completion of a $50 million, three-property I.R.C. Section 1031 exchange in New Jersey and Pennsylvania for the purchaser. Our team did an excellent job arranging the sale and ensuring a successful closing.”
Kamson’s purchase of Morristown Gateway marked Kislak’s 66th transaction with the Englewood Cliffs-based firm.
David A. Stern of Williams, Graffeo & Stern LLC and Jeffrey H. Itzkowitz of Brach Eichler LLC served as attorneys for the seller and buyer, respectively.
