JLL Capital Markets announced that it has closed the $82.5 million sale of The Mark Parsippany, a 212-unit, four-story, Class A, luxury apartment community in Parsippany, New Jersey.
JLL represented the seller, an affiliate of Harbor Group International, LLC (HGI). An affiliate of The DSF Group acquired the asset.
The Mark features studio, one- and two-bedroom apartments with an average unit size of 911 square feet. Each unit offers stainless steel appliance packages, wood-look plank flooring, luxurious walk-in showers, chef-inspired kitchens outfitted with quartz countertops and elegant islands, high-end custom cabinetry, keyless entry and full-size washers and dryers.
Located at 1715 U.S. Route 46, the property benefits from its convenient access to Route 46 and nearby Route 10, two of North Jersey’s major thoroughfares. The property is a short drive from downtown Morristown’s boutique shops, high-end retailers and over 75 bars/restaurants. Additionally, The Mark allows easy access to the Morristown CBD and is just 35 miles west of New York City.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver and Joseph Lembo.
“The Mark presented an opportunity for investors to acquire an institutional quality asset in a submarket with strong demographics. The capital responded very favorably to the offering,” stated Cruz.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.