MORRISTOWN, NJ–Greystar Real Estate Partnershas acquired a 149-unit apartment complex here for $52 million, ina deal orchestrated by CBRE, GlobeSt.com haslearned.

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CBRE did not specify the sale price, but an industry publicationlisted it.

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The CBRE Institutional Properties team of Jeffrey Dunne,Gene Pride and Patrick Carino representedAMLI Residential Properties in the sale of itsAMLI on the Plaza to a Greystar affiliate.

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The 12-year-old apartment community consists of one nine-storybuilding and one six-story building, with a fitness center, privatecourtyard and resident access to an adjacent parking facility.

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“Greystar is acquiring an exceptional asset in an affluent NewJersey community that possesses the most desirable characteristicssought after by today's young renter looking for a lifestylecentered around an urban core,” said Dunne.

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Morristown, always a strong employment center, has evolved intoa 24-7 transit-oriented community with a lively restaurant/barscene over the last decade.

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A variety of local and national retailers are ensconced in thearea around the New Jersey Transit Station, justoff the historic Morristown Green.

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AMLI Residential, headquartered in Chicago, develops, constructsand manages luxury apartment communities throughout the country.Greystar claims to be the largest apartment manager in the US, withmore than 750 apartment communities under its umbrella.

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CBRE's institutional sales group currently is marketing otherapartment properties in Wappingers Falls, NY; North Haven, CT; andStamford, CT. In New Jersey, the team is currently marketing officebuildings, including the Giralda Farms property in Madison, 400Plaza Drive in Secaucus, and a three-building portfolio inParsippany.

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