NJ Apartments Trade for $91M
- Jun 24, 2016
Cedar Knolls, N.J.—Cornerstone Real Estate Advisers, a global real estate investment adviser, has acquired Sterling Parc, an apartment property in Cedar Knolls, N.J., on behalf of an institutional client. The buyer paid the seller, Invesco Real Estate, $91 million.
Sterling Parc is a 316-unit, garden-style apartment community. It’s on a park-like 22.5-acre site within 10 minutes of downtown Morristown in affluent Morris County, NJ.
The property, built in two phases in 1988 and 2001, encompasses 27 buildings, which house 252 market-rate apartments, 56 age- and income-restricted apartments, and eight income-restricted apartments in a mix of one-, two- and three-bedroom floor plans. A little more than 50 percent of the market-rate units have been renovated to a higher finish level.
Common amenities include a central clubhouse with an outdoor swimming pool, patio, grilling area, fitness center, business center and community room with full-size kitchen. The property is 96 percent leased.
HFF marketed the property on behalf of the seller. The sales team representing Invesco was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver, and associate director Marc Duval. “We had great activity and a very competitive process,” noted Cruz.