MORRISTOWN, NJ-Hartz Mountain Industries recently picked up Morris Crossing, a 123-unit, six-building apartment community located at 12-18 Max Dr. here.
HFF's Kevin O'Hearn, Jose Cruz, Andrew Scandalios and Jeff Julien repped the seller and also identified Hartz as the buyer, while James Gunning and Donna Falzarano of CB Richard Ellis Debt & Equity Finance represented the buyer in arranging $22 million in acquisition financing at a low interest rate.
Morris Crossing is an institutionally maintained 123-unit, six-building townhome-style apartment community situated one mile north of Downtown Morristown. The property’s transit-oriented location--within 2.5 miles of two exits of I-287 and nearly equidistant from Morris Plains and Morristown train stations--enables an urban lifestyle within a suburban atmosphere. In 2009, the property underwent a $4.4-million renovation program that included unit and exterior upgrades.
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