Veris Divests Morris Plains Apartments for $85M
Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE Institutional Properties, in partnership with Roland Merchant and Tom Pryor of CBRE’s Investment Banking team, recently closed the sale of Signature Place, a Class A multifamily community in Morris Plains, NJ. CBRE advised owner Veris Residential on the $85-million sale.
Built in 2018, Signature Place contains 197 apartments averaging more than 1,000 square feet. The property features luxury finishes and an extensive amenity package, including a resort-style pool, fitness center with a yoga studio, golf simulator, private movie theater, conference rooms, a pet spa and a clubroom with a fireplace and game tables.
The property is situated within a 10-minute drive of downtown Morristown, one of suburban New Jersey’s premier 24/7 downtowns. “Signature Place benefits from its location in affluent Morris County, only a few minutes from downtown Morristown, which bodes well for the purchaser’s investment,” said Dunne.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout