MORRISTOWN, NJ–Greystar Real Estate Partners has acquired a 149-unit apartment complex here for $52 million, in a deal orchestrated by CBRE, GlobeSt.com has learned.
CBRE did not specify the sale price, but an industry publication listed it.
The CBRE Institutional Properties team of Jeffrey Dunne, Gene Pride and Patrick Carino represented AMLI Residential Properties in the sale of its AMLI on the Plaza to a Greystar affiliate.
The 12-year-old apartment community consists of one nine-story building and one six-story building, with a fitness center, private courtyard and resident access to an adjacent parking facility.
“Greystar is acquiring an exceptional asset in an affluent New Jersey community that possesses the most desirable characteristics sought after by today's young renter looking for a lifestyle centered around an urban core,” said Dunne.
Morristown, always a strong employment center, has evolved into a 24-7 transit-oriented community with a lively restaurant/bar scene over the last decade.
A variety of local and national retailers are ensconced in the area around the New Jersey Transit Station, just off the historic Morristown Green.
AMLI Residential, headquartered in Chicago, develops, constructs and manages luxury apartment communities throughout the country. Greystar claims to be the largest apartment manager in the US, with more than 750 apartment communities under its umbrella.
CBRE's institutional sales group currently is marketing other apartment properties in Wappingers Falls, NY; North Haven, CT; and Stamford, CT. In New Jersey, the team is currently marketing office buildings, including the Giralda Farms property in Madison, 400 Plaza Drive in Secaucus, and a three-building portfolio in Parsippany.
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