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Cali Buyer Makes Third NE Deal with NJ Multifamily
Pacific Urban Residential LLC acquired The Highlands at Morristown Station, a 217-unit apartment building in downtown Morristown, NJ. Deal terms weren’t disclosed. The Highlands represents the third multifamily acquisition in the Northeast for Palo Alto, CA-based Pacific Urban Residential since establishing a Northeast regional office last year.
“This offering represented an opportunity for repositioning of a Class A apartment community in one of New Jersey’s most desirable 24/7 markets,” noted Cushman & Wakefield’s Brian Whitmer. He represented the seller and procured the buyer with Cushman & Wakefield colleagues Andrew Merin, David Bernhaut, Gary Gabriel, Adam Spies, Kevin Donner, Kyle Schmidt, Ryan Dowd and Mark Phillips.
Merin noted that Morristown, “considered a new mecca for millennials and empty-nesters in search of convenience and experience in a walkable environment, is poised for a bright future with continued expansion to service the demands of a growing resident base.”
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- ◦Sale/Acquisition
