(To read more on the multifamily market, click here.)

MORRIS TWP., NJ-Sterling Properties has acquired the 1.6-acre site at 310 Madison Ave. here from Advance Residential Communities. The site is already fully approved for 13 luxury townhomes, and the Livingston, NJ-based Sterling is set to pick up the ball and start work immediately.

The deal was brokered by Holliday Fenoglio Fowler’s Florham Park, NJ office, with senior managing director Tony Cuccia leading the effort. The sale price was not disclosed.

According to information released by Sterling, each of the residences will have nearly 3,300 sf of living space and a two-car garage. The site itself is near a New Jersey Transit train station. Total cost of the project’s construction has not been released. And while construction is expected to begin shortly, a formal timeline has not been released.

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