The Hampshire Cos. Opens New Jersey Community
The Morristown, N.J., project will include affordable units and supportive housing.
The Hampshire Cos. has expanded its New Jersey multifamily footprint with the opening of an 85-unit community in Morristown, N.J.
Sharp Management oversaw the construction of Max on Morris, while RHO was tapped to handle leasing and property management. Last year, The Hampshire Cos. landed a nearly $29 million construction loan for the project that was provided by an undisclosed life insurance company and arranged by JLL. Nationwide provided the loan, Yardi Matrix data shows.
Max on Morris offers studio, one- and two-bedroom units ranging from 530 to 1,368 square feet. Four of the units will be designated as affordable housing, while 14 units will be supportive housing units for residents with special needs.
The residences have in-unit washer and dryers, quartz countertops and tile backsplashes, with select units offering kitchen islands, moveable walls and built-in furniture that allow for customizable setups. The community’s amenities include an entertainment lounge, break room, shared coworking space with private meeting rooms and work pods, as well as outdoor grilling stations, bike storage and electric vehicle charging stations.
Located at 175 Morris Street, Max on Morris will have 610 square feet of ground-floor retail space designed to suit a café tenant. The community’s location is a short distance from downtown Morristown and near the Morristown train station, which offers access to New York City and other destinations.
Redeveloping northern New Jersey
The Hampshire Cos., which is based in Morristown, has largely focused on northern New Jersey. The firm targets redevelopment projects for multifamily and mixed-use communities, particularly transit-oriented communities, and often looks for projects in large infill locations that have a high barrier to entry.
Besides Max on Morris, the company has been working on a 270-unit multifamily community in Hackensack, N.J. The firm recently landed a $62 million construction loan for 321 Main Street in Hackensack, which replaces an existing building and several parking lots. In April 2022, The Hampshire Cos. also secured a $105 million refinancing for its two-building luxury community totaling 362 units in Jersey City, N.J.