Invesco Collects $91M for 316-Unit Cedar Knolls Luxury MF Community

Sterling Parc, Cedar Knolls, NJ

CEDAR KNOLLS, NJ—Invesco Real Estate has sold Sterling Parc , a 316-unit, class A, garden-style, multifamily housing community in Cedar Knolls, NJ, to a client of Cornerstone Real Estate Advisors for $91 million. Holliday Fenoglio Fowler marketed the property exclusively on behalf of the seller, with a team led by senior managing director José Cruz , managing director Kevin O’Hearn , directors Stephen Simonelli and Michael Oliver and associate director Marc Duval . Cornerstone purchased the asset on behalf of an institutional client.  HFF previously brokered the sale of the property to Invesco in 2007. “This transaction continues to exemplify the high demand for well-located multifamily in the New Jersey suburban markets,” Cruz says.  “We had great activity and a very competitive process.” Sterling Parc is situated on a park-like 22.5-acre site within ten minutes of downtown Morristown in New Jersey’s affluent Morris County. The property, built in two phases in 1988 and 2001, encompasses 27 buildings, which house 252 market-rate apartments, 56 age- and income-restricted apartments and eight income-restricted apartments across a mix of one-, two- and three-bedroom floor plans.  Just over 50 percent of the market rate units have been renovated to a higher-finish level.  Units feature open kitchens, full-size washers and dryers, oversized walk-in closets, nine-foot ceilings and direct access garages. Community amenities include a central clubhouse with an outdoor swimming pool, patio, grilling area, fitness center, business center and community room with full-size kitchen.  The property is 96 percent leased.