Real Estate Journal — Owners, Developers & Managers — August 26 - September 15, 2016 — 5B
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ORRIS PLAINS, NJ — Rose land Residential Trust , 197 luxury apartment homes scheduled to be completed in fourth quarter of 2017 Roseland holds ceremonial ground breaking for 197-unit Signature Place at Morris Plains M
of convenient options for com- muters including indoor/out- door parking, NJ TRANSIT’s Morris Plains train station with hourly service to New York Penn Station, and access to Interstates 287 and 80. The property includes one- and two-bedroom units, all with state-of-the-art appli- ances and finishes. Signa- ture Place will also provide residents with access to a wide range of amenities, including a state-of-the-art fitness center, outdoor swimming pool, tennis court, golf simulator, resident clubroom with billiards, and conference room. n
a wholly owned subsidiary of Mack-Cali Realty Cor- poration , held a ceremonial ground breaking for its newest luxury residential community, Signature Place at Morris Plains, in Morris Plains. The new multi-family community will feature 197 luxury apart- ment homes and is scheduled to be completed in the fourth quarter of 2017. This site was previously a vacant Mack-Cali office building that is being repurposed into a multi-family residential community. The repositioning of select Mack-Cali office buildings into multi-family communities was a key part of the company’s strategic plan announced last year. The repurposing of certain assets will create significant value and is designed to ensure the highest and best use of those selected properties. Mack- Cali and Roseland are in the process of repositioning several of its underperforming, obsolete assets and continue to evaluate the portfolio for additional repo- sitioning opportunities. “Today marks a significant milestone for the Mack-Cali and Roseland teamas we move forward with another of the cornerstone initiatives we laid out in our strategic plan,” said Michael DeMarco , president and chief operating officer of Mack-Cali Realty Corporation. “In order to provide the high- est rate of return for our inves- tors, we know that we must optimize the value of each and every property in our portfolio. Creating Signature Place at Morris Plains will accomplish exactly that for this site.” “This is an incredibly at- tractive location for a luxury residential community – with excellent transit options and a vibrant surrounding area,” said Andrew Marshall , president and chief operating officer of Roseland Residential Trust. “Bringing 197 apartment homes to Morris Plains is a win-win for both our company and the borough, and we look forward to our continued partnership.” This new community is lo- cated at 250 Johnson Rd. in a park-like setting with lake views. Signature Place at Mor- ris Plains is ideally situated in the heart of Morris County, in close proximity to numerous recreational, dining, and shop- ping destinations along Route 10. It also features a number
Signature Place at Morris Plains
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