Pacific Urban Residential LLC has acquired The Highlands at Morristown Station, a 217-unit multifamily building fronting on Lafayette Avenue and Morris Street. The Highlands is the third multifamily acquisition in the Northeast for Palo Alto-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, who represented the seller and procured the buyer with Andrew Merin, David Bernhaut, Gary Gabriel, Adam Spies, Kevin Donner, Kyle Schmidt, Ryan Dowd and Mark Phillips. “The submarket’s affluent demographics and this property’s superior location supports higher-end unit refinishing and modernized amenities.”
The Highlands at Morristown Station sits adjacent to NJ Transit’s Morristown Station and is surrounded by retail, restaurants, nightlife, office buildings and hotels. Constructed in 2010, the six-story building at 10 Lafayette Ave. features modern homes, a full suite of lifestyle amenities, structured parking and 7,500 square feet of ground-level retail.
