16A — October 2023 — M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal
Central Morris County parcel to house 125 upscale apartment & townhome units CrownPoint Group acquires 14.5-acre development site in Randolph, New Jersey
ANDOLPH, NJ — CrownPoint Group Inc. (CrownPoint) has acquired a +14.5-acre de - velopment site that is fully ap- proved for multifamily devel- opment in the Morris County, township of Randolph. Located at the intersection of West Hanover Ave. and Sussex Turnpike, development plans for Liberty Village call for 125 upscale single- and multi-floor apartment and townhome units in the municipality’s Mount Freedom section. “In a submarket character- ized by overwhelming demand R
with families to well-educated empty nesters,” said Crown- Point’s vice president Michael Legacki , who noted a new residential development of this scale has been lacking in the township for decades. “Randolph is that high- barrier-to-entry, central Mor- ris County location that offers an active suburban lifestyle,” he added. “It also connects to the greater New York Metro’s employment hubs and lifestyle amenities, from New York City and Morristown to all of North Jersey.” Construction of Liberty
Village will begin in Q3 2024 and will be CrownPoint’s largest project to date. Un- der the approved site plans, there will be a total of 11 residential buildings hous- ing a mix of two- and three- bedroom units, the majority of which will offer three-story townhouse layouts. These include 100 market-rate and 25 COAH-designated units. In addition to open-concept, amenity-rich floorplans with designer elements, the com- munity focal point is an archi- tecturally distinct clubhouse with several high-end com- munity spaces. Among these are a state-of-the-art fitness center and golf simulator. The pet-friendly community also has a dog park and direct access garage parking on the majority of units. “This is an extremely rare development opportunity to build a sought-after town- house rental project in one of Morris County’s premier towns,” said Don Rasmus- son , Jr., CrownPoint’s director of development. “CrownPoint is favorably positioned to streamline delivery of these high-caliber townhome rent- als within 12-14 months of the construction start.” A high-population-density suburb of New York City, Randolph borders the Mor- ris County municipalities of Mine Hill, Dover, Rockaway Twp., Mendham Twp., Den- ville, Morris Twp., Chester Twp. and Roxbury. Ranked as a best place to live by Money Magazine , Randolph is within minutes of the NJ Transit Dover and Mor- ristown Stations. Access to major highways include Rte. 10, Rte. 46 and Interstates 287 and 80. Boasting a highly rated “A” public school district, Ran- dolph has a vast landscape of green open spaces with parks and trails, farmer’s markets and swimming venues at the local beach or lake. Bi- sected by Rte. 10 and Sussex Turnpike, these corridors have several prominent na- tional retailers and dining establishments, including restaurant chains and locally owned eateries. The nearby walkable down- towns of Morristown and Den- ville also have an array of local, regional and national retail, dining and entertain- ment options. MAREJ
Liberty Village, Randolph, NJ Rendering
for – and a shortfall in supply of – luxury-rental options, Liberty Village will have tremendous
appeal among a diverse ten- ant demographic, from young professionals and executives
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