Morgan Properties trades NJ multifamily portfolio for $57.5M

THG picked up three properties across Mahwah, Short Hills and Westwood

Tri-State /
Dec.December 01, 2021 02:00 PM
Morgan Properties trades NJ multifamily portfolio for $57.5M

Rolling Gardens Apartment Homes at 405 Franklin Turnpike in Mahwah (Apartments.com)

Pennsylvania-based Morgan Properties completed a three-property portfolio sale for $57.5 million, according to the Commercial Observer. The deal includes three garden-style communities, one each in Mahwah, Short Hills and Westwood.

THG Properties picked up the portfolio with help from Arbor Commercial Mortgage, which the Observer reported supplied a $44.4 million mortgage loan to help fund the acquisition. The loan is backed by Fannie Mae.

Brad Domenico of Progress Capital helped broker the financing, while Nat Gambuzza of CBRE brokered the portfolio sale.

The 76-unit Rolling Gardens Apartment Homes at 405 Franklin Turnpike in Mahwah is the largest of the three properties. Units in the building range from 850 to 1,000 square feet with one- and two-bedroom options, according to Apartments.com.

The 51-unit Short Hills Village Apartments at 80 Woodland Road in Short Hills clocks in as the next largest. The building includes one- and two-bedroom units at an average of 803 square feet and 1,277 square feet, respectively, according to Apartments.com.

Finally, the 48-unit Westview Apartment Homes sit at 27-55 Green Street in Westwood. One- and two-bedroom units are available in this building too, though the units are smaller on average. According to Apartments.com, the square footage ranges from 658 to 716 square feet for one- and two-bedroom units, respectively.

Morgan has found itself on the other side of dealmaking in the recent past, responsible for a major purchase earlier in the year. The company, along with Olayan America, purchased a portfolio of 48 multifamily properties across the United States for $1.75 billion. The seller was STAR Real Estate Ventures and the deal marked the largest acquisition for Morgan in two years.

[CO] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
    Tax assessments rise 9%, signaling higher bills for landlords
    Tax assessments rise 9%, signaling higher bills for landlords
    Tax assessments rise 9%, signaling higher bills for landlords
    From left: Ryan Johnson and Jeff Berens, co-founders of Culdesac, in front of a rendering of Culdesac Tempe (Culdesac, iStock)
    Startup that wants to build car-free cities raises $30M Series A
    Startup that wants to build car-free cities raises $30M Series A
    From left: Stephen Schwarzman, chairman, Blackstone; Barry Sternlicht, chief executive officer, Starwood Capital Group (Getty Images, Brookfield Asset Management/Illustration by Steven Dilakian for The Real Deal)
    Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
    Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
    Keith Powers, Democratic District 4 representative on the New York City Council, in front of 45 East 45th Street (Getty Images, The Roosevelt Hotel, iStock/Illustration by Steven Dilakian for The Real Deal)
    Local lawmakers aim to landmark shuttered Roosevelt Hotel
    Local lawmakers aim to landmark shuttered Roosevelt Hotel
    Former WeWork CEO Adam Neumann (Getty Images, iStock, Yard 8 Miami, Stacks on Main, Trulia, Power Design Inc., Inkwell Decatur, Wikipedia, Illustration by Kevin Cifuentes for The Real Deal)
    Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
    Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...