Plans for Ridgedale Commons call for 29 townhome-style apartments at 68-74 Ridgedale Ave. in Morristown. — Rendering courtesy: The Kislak Co. Inc.
By Joshua Burd
A development site in Morristown that will be home to 29 townhome-style apartments has traded for $6.8 million, according to a brokerage team with The Kislak Co. Inc.
In a news release, the firm said it represented an undisclosed seller in the deal at 68-74 Ridgedale Ave. The 0.72-acre property is currently under construction and will become a four-story, 37,726-square-foot multifamily asset known as Ridgedale Commons, boasting a location just off Interstate 287 and a mile from downtown Morristown and the Morristown Green.
Kislak Senior Vice President Joseph Keenan marketed the property on the seller’s behalf and procured the buyer.
“The successful sale of Ridgedale Commons not only showcases the high demand for premium multifamily properties but also highlights Morristown’s status as one of New Jersey’s most in-demand markets,” Keenan said. “This listing drew keen interest from a wide range of investors, both regional and local, as my team and I generated over 15 tours and as many offers. This sale not only demonstrates the desirability of the area but also our ability to connect exceptional properties with the right investors.”
When completed, the property will include 29 townhome-style rental units with a single one-bedroom unit, 27 two-bedroom units and a three-bedroom unit, Kislak said. Plans call for 25 market-rate units, two low-income units and two moderate-income units.
The firm added Ridgedale Commons is a half-mile from SJP Properties’ new mixed-use M Station development, the Morristown train station and Washington’s Headquarters, which is a part of Morristown National Historical Park.
