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The Metropolitan Lofts at 11 DeHart St. in Morristown — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
Veris Residential Inc. and Woodmont Properties have sold a 59-unit luxury apartment building in downtown Morristown, in a deal announced by Gebroe-Hammer Associates and Berkadia.
The buyer, a private investor, paid an undisclosed price for the five-story property at 11 DeHart St. and just south of the iconic Morristown Green. It did so in the first trade of the building since Woodmont and Roseland Residential Trust, a predecessor company of Veris Residential, delivered what’s known as The Metropolitan Lofts in early 2018.
In addition to Gebroe-Hammer, the transaction team representing the seller included Stephen Tragash, formerly of Gebroe-Hammer and a partner and co-founder of SAGE Real Estate Advisors in Morristown, as well as Nat Gambuzza, Spencer Beriont and Trevor Fiebel of Berkadia, also located in Morristown.
“This offering presented a rare multifamily investment opportunity within one of northern New Jersey’s highest-barrier-to-entry submarkets,” said Tragash, who noted Morristown has some of the most historically stabilized occupancies nationwide. “As a core asset with an unrivaled location, Metropolitan Lofts is at the county-seat axis of the Morris County submarket, which has exhibited enduring multifamily-performance and tenant-cohort fundamentals over the long term.”
Brokers noted that the property, which sits near the busy South Street intersection, has a mix of one- and two-bedroom floorplans with one or two baths ranging from 679 to 1,203 square feet. Apartments have upscale designs, finishes and appliances, while residents have access to a fitness center with cardio and strength-training equipment, a yoga room and a spin studio and a golf simulator with lounge seating, bike storage and an outdoor grilling and dining patio.
Designed by MHS Architecture, The Metropolitan Lofts also offers ease of access to NJ Transit bus and rail service, covered parking at the adjacent DeHart Street garage and walkability to Morristown’s diverse cafés, restaurants, arts and culture, entertainment, retail and open space offerings. Midtown Direct rail service is available at nearby Morristown Station.
“The purchaser was attracted to this property due to its unparalleled location and quality of construction, paving the way for a less-management-intensive asset,” Gambuzza said. “Although new to the market, the purchaser was looking to add scale to its management platform through a quality core asset.”
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