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Morristown property sold in reported $52 million deal

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AMLI on the Plaza
AMLI on the Plaza - (CBRE)

New investors have acquired a 149-unit apartment property in downtown Morristown, brokers said Wednesday, in a deal reportedly worth $52 million.

Brokerage firm CBRE said it represented Chicago-based AMLI Residential Properties LP in its sale of the two-building site. The property, which also includes 7,500 square feet of retail space, was sold to an affiliate of Greystar Real Estate Partners LLC.

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The complex was built in 2002 and consists of one nine-story building and one six-story building, CBRE said in a news release. Known as AMLI on the Plaza, the property sits at Cattano Avenue and Washington Street in Morristown.

Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE’s Institutional Properties group represented the seller, the news release said.

CBRE did not disclose terms of the deal, but published reports said it was valued at $52 million.

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Joshua Burd

Joshua Burd

Josh Burd covers real estate, economic development and sports and entertainment. Before joining NJBIZ in 2011, he spent four years as a metro reporter in Central Jersey. His email is joshb@njbiz.com and he is @JoshBurdNJ on Twitter.

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