Gebroe-Hammer Associates and Berkadia orchestrate sale of The Metropolitan Lofts

Morristown, NJ Gebroe-Hammer Associates and Berkadia have announced the sale of 59 class A multifamily units at The Metropolitan Lofts in downtown for an undisclosed price.

In addition to Gebroe-Hammer, the transaction team representing the seller, Veris Residential and Woodmont Properties, included Stephen Tragash, formerly of Gebroe-Hammer and a partner and co-founder of SAGE Real Estate Advisors, as well as Nat Gambuzza, Spencer Beriont and Trevor Fiebel of Berkadia. The buyer is an unnamed investor.

“This offering presented a rare multifamily investment opportunity within one of Northern New Jersey’s highest barrier-to-entry submarkets,” said Tragash, who noted 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 unparalleled location and quality 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 St. and DeHart St. intersection, The Metropolitan Lofts features a mix of one- and two-bedroom floorplans with one or two baths ranging from 679 to 1,203 s/f. Nine-foot ceiling heights, modern kitchens with Energy-Star stainless-steel appliances, wood-style plank flooring, terraces, LED lighting throughout and in-unit washer/dryers are among the apartment-home amenities.

On-site community and 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.