Harbor Group Closes $83M New Jersey Sale

The Mark Parsippany. Image courtesy of JLL

Harbor Group International has sold The Mark Parsippany, a 212-unit luxury community in Parsippany, N.J., for $82.5 million.

JLL Capital Markets worked on behalf of the seller. The buyer is an affiliate of The DSF Group. The multifamily asset last traded in 2020 for $68 million, when Harbor Group bought the property from Mill Creek Residential Trust, according to Yardi Matrix data.

Built in 2018, the four-story Class A building encompasses studio, one- and two-bedroom units ranging between 463 square feet and 1,136 square feet. The units are equipped with stainless steel appliances, quartz countertops, keyless access and washers and dryers. Common-area amenities include a fitness center, a business center, a clubhouse, a swimming pool and 344 parking spots.

Located at 1715 U.S. Route 46, the property is in close proximity to multiple retail and dining spaces, while providing easy access to Interstates 80 and 287. The Mark Parsippany is also within 12 miles from Morristown, N.J., and 28 miles from New York City.

The JLL Capital Markets Sales and Advisory team of Senior Managing Directors Jose Cruz and Kevin O’Hearn, Managing Director Steve Simonelli, Senior Director Michael Oliver and Analyst Joseph Lembo represented Harbor Group.

Earlier this month, another significant sale took place in New Jersey. River Rock sold The Sterling, a 128-unit community in Fort Lee, for $51.8 million.

In one of the region’s largest moves of the past 12 months, Harbor Group International and Cammeby’s International Group bought 41 New Jersey properties totaling more than 5,000 units for roughly $1 billion.