M id A tlantic Real Estate Journal — New Jersey — February 2024 — 3B
www.marej.com
N ew J ersey
59-unit class a midrise is located in the heart of downtown Gebroe-Hammer and Berkadia orchestrate sale of The Metropolitan Lofts in historic Morristown
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lifestyle offerings range from a cardio- and strength-training equipped fitness center, yoga room and spin studio to a golf simulator with lounge seating, bike storage and an outdoor grilling/dining patio. Built in 2018, The Metro- politan Lofts also offers ease of access to NJ Transit bus and rail service, covered park- ing at the adjacent DeHart Street Garage and walkabil- ity to Morristown’s diverse cafés, restaurants, arts and culture, entertainment, retail and green open-space offer- ings. Midtown Direct rail
service is available at nearby Morristown Station. Historically known as the “military capital of the American Revolution,” Mor- ristown’s past and present converge at Morris Green, the municipality’s picturesque town square. As a state-des- ignated regional center and one of the state’s five original transit villages, Morristown is the county seat of Morris County and home to Mor- ristown Medical Center, the flagship of Atlantic Health System and the town’s major employer. MAREJ
ORRISTOWN, NJ — Gebroe- Hammer Associ-
ates and Berkadia have announced the sale of 59 class A multifamily units at The Metropolitan Lofts in downtown Morristown for an undisclosed price. Situated within steps of the city’s bus- tling South St., the five-story midrise is just south of the Morristown Green. In addition to Gebroe-Ham- mer, the transaction team representing the seller, Veris Residential and Wood- mont Properties , included Stephen Tragash , formerly of Gebroe-Hammer and a partner and co-founder of SAGE Real Estate Advi- sors in Morristown, as well as Nat Gambuzza, Spencer Beriont and Trevor Fiebel of Berkadia, also located in Morristown. The buyer is an unnamed investor. “This offering presented a rare multifamily investment opportunity within one of Northern New Jersey’s high- est barrier-to-entry submar- kets,” said Tragash, who not- ed 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.” According to Gambuzza, "The purchaser was attracted to this property due to its un- paralleled location and qual- ity of construction, paving the way for a less-management- intensive asset. Although new to the market, the purchaser was looking to add scale to its management platform through a quality core asset.” Located at 11 DeHart St., at the South Street and DeHart Street intersection, The Metropolitan Lofts fea- tures a mix of one- and two- bedroom floorplans with one or two baths ranging from 679 to 1,203 square feet. Nine-foot ceiling heights, modern kitchens with En- ergy-Star stainless-steel ap- pliances, wood-style plank flooring, terraces, LED light- ing throughout and in-unit washer/dryers are among the apartment-home amenities. On-site community and
The Metropolitan Lofts
Specializing in multifamily-focused investment sales while representing private equity funds & institutional
Since 1975
investors as well as generations of family offices & private individuals since 1975. Additional focus on marketing mixed-use & freestanding office & retail properties.
973.994.4500 • WWW.GEBROEHAMMER.COM • 2 W NORTHFIELD ROAD, LIVINGSTON, NJ 07039
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