Shamah Properties Adds Morristown Multifamily in $40M Deal
Morris Crossing is a six-building, institutional-quality community that features 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units averaging 948 square feet.
MORRISTOWN, NJ—Shamah Properties, LLC has acquired the 123-unit garden apartment-style Morris Crossing Apartments community here in a deal valued at $39.5 million.
The Edison, NJ-based firm purchased the 96% leased property from Morris Crossing Apartments LLC. JLL marketed the property exclusively on behalf of the seller and procured the buyer in the transaction. The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman.
Morris Crossing is a six-building, institutional-quality community that features 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units averaging 948 square feet. The 12-acre property is situated on a cul-de-sac just off Route 202, approximately one-mile northwest of Downtown Morristown and is also located within one mile of both the Morris Plains and Morristown train stations. The property also provides access to Interstate 287.
JLL’s Cruz notes that Morris Crossing’s renovation upside and suburban infill location stimulated substantial buyer interest for the property. “The market reacted very well to the offering resulting in strong pricing for the asset,” he says.
The property’s amenities include wood-burning fireplaces, private garages, in-unit washers and dryers, central air conditioning and heating and hardwood flooring.