4B — January 2024 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
ORRISTOWN, NJ — The Kislak Company, Inc. an- M SVP Joseph Keenan arranges sale of 29 luxury rental units under construction Kislak sells Ridgedale Commons multifamily development in Morristown for $6.8 Million
as one of New Jersey's most in-demand markets. This list- ing drew keen interest from a wide range of investors, both regional and local, as my team and I generated over 15 tours and as many offers. This sale not only demon- strates the desirability of the area but also our ability to connect exceptional properties with the right investors." Ridgedale Commons is four- story, 37,726 s/f multifamily de- velopment under construction on 0.72 acre. When completed, the property will include 29 townhome-style rental units with one one-bedroom unit with one bath, 21 two-bedroom units with one bath, six two- bedroom units with two and one-half baths and one three- bedroom unit with three baths. There are 25 market rate units, two low-income units and two moderate income units. The property is ideally lo- cated in vibrant Morristown among an array of commercial and other residential proper- ties just off I-287. It is a half mile from the new M Station mixed-use development, the Morristown train station and Washington’s Headquarters, which is a part of Morristown National Historical Park, and a mile from Morristown Geen. Morristown is among the strongest rental markets in New Jersey given its walkabil- ity and abundance of business- es, restaurants and commer- cial and retail offerings in its charming downtown. It is the county seat of Morris County known for its storied history as the military capital of the American Revolution. MAREJ
nounced the recent sale of Ridgedale Commons, a 29-unit luxu- ry multifam- ily develop- ment at 68 – 74 Ridge- dale Ave. in Morristown, Morris County, for $6.8 million. Kislak marketed the prop- erty on an exclusive basis with senior vice president Joseph Joseph Keenan
Ridgedale Commons rendering
demand for premium mul- tifamily properties but also highlights Morristown's status 74 Ridgedale Ave. aerial
Keenan said, "The successful sale of Ridgedale Commons not only showcases the high
Keenan handling the assign- ment on behalf of the seller, and he also procured the purchaser.
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