Northern New Jersey Community Sells for $40M

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.