MORRIS PLAINS, NJ-Advance Realty has sold a 4.86-acre land parcel here to Lennar Corp. for $7.25 million.
Prior to the sale Lennar received approvals for the development of 70 townhomes, to be called Coventry Park at Morris Plains. Construction has begun on the project.
“Our goal as the developer was to maximize the value of the parcel,” Kevin Tartaglione, senior vice president and COO of Bedminster, NJ-based Advance Realty, tells GlobeSt.com.
Advance acquired the parcel in 2007, with the original plan to build 86 age-restricted homes, but economic forces intervened. The decision was finally made to sell to a specialist in for-sale homes. Advance assisted Lennar throughout the approval process.
“There is not a big market for for-sale housing, but there is still a market for townhomes,” Tartaglione says. These homes can be developed as the market demands in pods, allowing for growth when the time is ready, he adds.
Located along Littleton Road, the site is near public transportation via Morristown and offers access to major roadways including Routes 10, 287 and 80.
Already under construction, the homes at Coventry Park at Morris Plains are expected to be priced from the roughly $350,000. Lennar now has a total of 11 communities in New Jersey.
“The completion of this transaction is great news for Morris Plains, as we’re eager to see this prime property transformed into an integral part of town,” said Morris Plains Mayor Frank Druetzler in prepared statement. “Coventry Park at Morris Plains will play a key role in meeting the housing needs of a growing number of local residents.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
