S.V.P. Joseph Keenan Leads Exclusive Sale of 23 Luxury Units in Morristown, N.J.
WOODBRIDGE, N.J., January 6, 2021 – The Kislak Company, Inc. announced the recent sale of Morristown Gateway, a new luxury 23-unit multifamily property located at 12 Ridgedale Avenue in Morristown, Morris County, New Jersey, for $8,550,000.
Kislak marketed the property on an exclusive basis on behalf of the seller, Morristown Gateway, LLC, with senior vice president Joseph Keenan and President Robert Holland handling the assignment. C.O.O. Jason Pucci and senior vice president Justin Lupo procured the purchaser, an affiliate of The Kamson Corporation, which is one of the largest private owners of multifamily properties in the Northeast.
Completed in 2015, Morristown Gateway is a mid-rise luxury elevator building with 23 units. Amenities include spacious floorplans with two full bathrooms, gourmet kitchens, nine-foot ceilings, washers and dryers, walk-in closets, Juliette balconies, Pella windows and two assigned parking spaces for each unit.
“Morristown is thriving, and the purchaser was quick to capitalize on the opportunity to acquire a Class A property that is steps from the train station, restaurants, shopping, and employment,” said Mr. Keenan. “When we began our marketing process, the response from interested parties starved for new product was overwhelming. Ultimately, in addition to price, Kamson’s terms and closing expertise won them the deal. I am very grateful to the developer, Morristown Gateway, LLC, for the opportunity to work on this project and my team at Kislak for helping to complete the assignment.”
“Morristown is one of the strongest and most vibrant markets in New Jersey,” said Mr. Pucci. “This transaction marked the successful completion of a $50,000,000 three-property I.R.C. Section 1031 exchange in New Jersey and Pennsylvania for the purchaser. Our team did an excellent job arranging the sale and ensuring a successful closing.”
Kamson’s purchase of Morristown Gateway marked Kislak’s 66th transaction with them.
The property is located in the heart of Morristown, less than a quarter mile from the train station with direct access to and from New York City and a half mile from the Morristown Green, around the corner from the planned M Station redevelopment and across from access to Interstate 287.
At the time of closing, the property was 96% occupied.
The seller’s attorney was David A. Stern of Williams, Graffeo & Stern LLC and the purchaser’s attorneys were Jeffrey H. Itzkowitz and Allen J. Popowitz of Brach Eichler LLC.
Mr. Keenan joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received the firm’s Rookie of the Year award in 2008 and was promoted to a senior vice president in 2019.
Mr. Holland joined Kislak in 1984, is one of the firm’s all-time leading producers and became President in 2012. In addition to overseeing the company and managing a team of salespeople, he specializes in the sale of multifamily and other investment properties. Mr. Holland has received Kislak’s Production Award over ten times and is also a multiple recipient of the company’s Salesperson of the Year Award. His sales total more than $3 billion.
Mr. Pucci joined Kislak in 2006 and is responsible for the management of the firm’s operations, business activities and growth initiatives including achievement of its financial and operational objectives. Since joining Kislak, the firm has closed more than 1,500 transactions valued at over $6 billion with Mr. Pucci personally closing more than 60 transactions valued at over $600 million.
Mr. Lupo joined Kislak in 2014 and received the firm’s 2015 Rookie of the Year award, 2018 Sima Kislak Jelin Salesperson of the Year award, and 2019 Producer of the Year award and has become one of the firm’s leading salespeople with investment sales totaling more than $300 million. He specializes in the sale of multifamily and other investment properties in central New Jersey and eastern Pennsylvania.