JLL Capital Markets closed the $82.5-million sale of The Mark Parsippany, a 212-unit, four-story, Class A, luxury apartment community in Parsippany, NJ. JLL’s Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver and Joseph Lembo represented the seller, an affiliate of Harbor Group International. An affiliate of The DSF Group acquired the asset.
“The Mark presented an opportunity for investors to acquire an institutional quality asset in a submarket with strong demographics,” said Cruz. “The capital responded very favorably to the offering.”
Located at 1715 U.S. Rte. 46, the property benefits from its convenient access to Route 46 and nearby Route 10, two of North Jersey’s major thoroughfares. The property is a short drive from downtown Morristown’s boutique shops, high-end retailers and over 75 bars/restaurants. Additionally, The Mark allows easy access to the Morristown CBD and is just 35 miles west of New York City.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).