November 7, 2019 Comments (0) Views: 235 National News, New Jersey, Northeast

JLL Closes Sale of NJ Suburban Infill Apartments

November 7, 2019

JLL closed the $39.5-million sale of Morris Crossing Apartments, a 123-unit, garden-style apartment community in Morristown, NJ. The firm marketed the property on behalf of the seller, Morris Crossing Apartments LLC, and procured the buyer, Shamah Properties, LLC.

Morris Crossing is a six-building community that comprises 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units averaging 948 square feet. It’s approximately one mile northwest of downtown Morristown, and also located within one mile of both the Morris Plains and Morristown train stations, which provide direct service into Manhattan.

The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman.

“Morris Crossing’s renovation upside and suburban infill location helped to generate substantial interest from the buying community,” Cruz said. “The market reacted very well to the offering resulting in strong pricing for the asset.”