Northern New Jersey Community Sells for $40M

1 min read

Santander Bank provided $29.4 million in acquisition financing for the purchase of the 123-unit community in Morrisville.

Morris Crossing

Hartz Mountain Industries has sold Morris Crossing, a 123-unit Class B community in Northern New Jersey, to Shamco Management for $39.5 million, according to Yardi Matrix. Santander Bank provided the buyer with $29.4 million in Fannie Mae acquisition financing. The property last traded in September 2010, when Hartz acquired the asset for $31 million from BlackRock.

Located at 23 Max Drive in Morristown, N.J., the garden-style community is 30 miles west of Manhattan. Approximately 1 mile south of the Morris Plains train station, the area is home to more than 3,200 units, according to data provided by Yardi Matrix. In October, Pacific Urban paid nearly $98 million for a 217-unit multifamily asset 2 miles south.  

Morris Crossing opened in 2009, and its four buildings have one-, two- and three-bedroom apartments with floorplans between 618 and 1,451 square feet. The community’s amenities include a dog park, a recycling center, four laundry facilities and garage parking for some units. In September, the asset was 97.6 percent occupied, well above the submarket average of 95.2 percent.

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.