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Standing five stories, The Metropolitan Lofts developed by Veris Residential and Woodmont Properties in downtown Morristown has a new owner.

Livingston-based Gebroe-Hammer Associates and Berkadia announced the sale of the 59-unit Class A multifamily property Jan. 16.

The sales team brought a local perspective to the deal: In addition to Gebroe-Hammer, Morristown-based SAGE Real Estate Advisors partner and co-founder Stephen Tragash, previously with Gebroe-Hammer, as well as Senior Managing Director Nat Gambuzza and Senior Directors Spencer Beriont and Trevor Fiebel of Berkadia‘s city-based office represented the seller – Veris and Woodmont.

An unnamed investor purchased the property located at 11 DeHart St. Financial terms were not disclosed.

Completed in 2018, The Metropolitan Lofts is within steps of South Street and just south of the Morristown Green. The project got underway in 2016, when Veris was still Roseland Residential Trust.

“This offering presented a rare multifamily investment opportunity within one of Northern New Jersey’s highest barrier-to-entry submarkets,” commented 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.”

The property includes a mix of one- and two-bedroom floorplans with one or two baths that range from 679 square feet to 1,203 square feet. The units feature 9-foot ceiling heights, modern kitchens with Energy-Star stainless-steel appliances, terraces, LED lighting and washers and dryers.

Community amenities include: a fitness center, yoga room and spin studio; golf simulator with lounge seating; bike storage and an outdoor grilling and dining space.

“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,” Gambuzza said. “Although new to the market, the purchaser was looking to add scale to its management platform through a quality core asset.”