MORRISTOWN, NJ-The New Jersey and New York offices of Holliday Fenoglio Fowler L.P. have closed the sale of Morris Crossing, a recently renovated, 123-unit multi-housing community here. The HFF investment sales team was led by senior managing directors Jose Cruz and Andrew Scandalios and directors Kevin O’Hearn and Jeff Julien, who represented the seller.

Hartz Mountain Real Estate purchased Morris Crossing for $31 million free and clear of debt.
Situated on 12 acres, Morris Crossing is located at 18-23 Max Dr. The six-building property, renovated from 2007 to 2009, has one-, two- and three-bedroom units that average 948 square feet each and are 96% occupied. The property has undergone interior and exterior renovations in the past three years.

“Morris Crossing is located less than one mile from both the Morris Plains and Morristown train stations with direct service into Manhattan, making this an ideal location for commuters that want access into the city. The property is also within near Downtown Morristown. “The property maintains a competitive advantage through the look and feel of its suburban single-family living with expansive yards, which is in stark contrast to the mid-rise buildings in Downtown Morristown,” adds Scandalious.