Morristown, N.J. - Pacific Urban Residential LLC acquired The Highlands at Morristown Station, a 217-unit building fronting on Lafayette Avenue and Morris Street. The Highlands represents the third multifamily acquisition in the Northeast for Palo Alto-based Pacific Urban Residential since establishing a Northeast Regional office last year.
The Highlands at Morristown Station sits adjacent to NJ Transit’s Morristown Station and is surrounded by retail, restaurants, nightlife, office buildings and hotels. Constructed in 2010, the six-story building at 10 Lafayette Ave. features modern homes, a full suite of lifestyle amenities, structured parking and 7,500 square feet of ground-level retail.
“This offering represented an opportunity for repositioning of a class A apartment community in one of New Jersey’s most desirable 24/7 markets,” noted Cushman & Wakefield’s Brian Whitmer, who represented the seller and procured the buyer with Andrew Merin, David Bernhaut, Gary Gabriel, Adam Spies, Kevin Donner, Kyle Schmidt, Ryan Dowd and Mark Phillips. “The submarket’s affluent demographics and this property’s superior location supports higher-end unit refinishing and modernized amenities.”
Morristown has emerged as the premier suburban address for New Jersey’s young and affluent given its live/work/play lifestyle with over 150 restaurants and bars and connectivity to numerous blue-chip employers located throughout Morris County. “Morristown, considered a new mecca for millennials and empty-nesters in search of convenience and experience in a walkable environment, is poised for a bright future with continued expansion to service the demands of a growing resident base,” Merin noted. “Its CBD is poised for a rapid commercial expansion as well.”
In fact, four proposed Morristown office development projects total over 700,000 square feet. The largest – 380,000 square feet – is located next door to the Highlands. “This additional office inventory is anticipated to expand the daytime population by approximately 3,500 people,” Merin added.
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.