Berkshire Residential Investments Acquires 197-Unit MultiFamily Property In Morris Plains For $85M

The asset involved in this transaction is a multi-family property known as Signature Place, located at 250 Johnson Road in Morris Plains. It consists of 197 units and was sold for a total price of $85,000,000, which equates to approximately $431,472 per unit. The property maintained a high occupancy rate of 95.7% and generated a net operating income (NOI) of $4.15 million, resulting in a capitalization rate (cap rate) of 4.88%.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $85,000,000
• Units: 197
• Price Per Unit: $431,472
• Buyer: David Olney - Berkshire Residential Investments
• Seller: Mahbod Nia - Veris Residential
• Broker: Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, Roland Merchant & Thomas Pryor - CBRE
• Market: Morris Plains
• Occupancy Rate: 95.7%
• Net Operating Income (NOI): $4.15 million
• Cap Rate: 4.88%

This transaction involved key figures including David Olney, who represented Berkshire Residential Investments as the buyer, and Mahbod Nia representing Veris Residential as the seller. The deal was facilitated by an experienced brokerage team from CBRE, consisting of Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, Roland Merchant, and Thomas Pryor, who played vital roles in executing the transaction.