A class-A luxury apartment community, The Mark Parsippany, in Parsippany, New Jersey, was recently sold for $82.5 million.
Located at 1715 U.S. Route 46, The Mark Parsippany is a four-story, 212-unit property that encompasses studio, one- and two-bedroom apartments with an average unit size of 911 square feet. Situated 35 miles west of New York City, near two of New Jersey’s major thoroughfares, the property offers easy access to downtown Morristown and Morristown CBD.
The seller, an affiliate of Harbor Group International, LLC (HGI) was represented by JLL Capital Markets in the transaction with the JLL Capital Markets Sales and Advisory team led by Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, and Joseph Lembo. The buyer was an affiliate of The DSF Group.
“The Mark presented an opportunity for investors to acquire an institutional quality asset in a submarket with strong demographics. The capital responded very favorably to the offering,” stated Cruz.