Morristown luxury community hits market, could get $110M: report

April 23, 2019 05:12PM

PGIM Real Estate, a unit of Prudential Financial, is expected to raise up to $110 million from the sale of The Highlands apartment complex near the Morristown Station, according to Real Estate Alert. The six-story building at 10 Lafayette Avenue is being marketed by Cushman & Wakefield, the outlet reported, noting that it would fetch about $110 million. The 217-unit rental property, located immediately adjacent to the Morristown train station, is composed of one and two-bedroom units that rent for between $2,119 and $4,515 per month. A joint venture between Woodmont Properties and Roseland Residential Trust developed The Highlands a decade ago for $75 million on behalf of PGIM, according to a story at the time from NJ.com. The complex includes 8,000 square feet of fully leased retail and a 740-car parking garage. Real Estate Alert noted that the residential portion of the property is 97 percent leased. PGIM, as reported by The Real Deal, recently bought two self-storage properties in New York City from LSC Development for $114.2 million. [Real Estate Alert]