When the Highlands at Morristown Station opened a decade ago, the six-story, 217-unit “transit village” was pitched as a model of upscale commuter living, with gleaming kitchens, marble bathrooms, and a billiards room, gym, yoga studio and outdoor pool.
Now, the complex is for sale as a glitzy fixer-upper.
Units renting from $2,119 and $4,515 per month are “primed for upgrades,” according to a video by listing agent Cushman & Wakefield.
The place is “poised for a building-wide repositioning,” offering a buyer the “opportunity to reinvent amenity spaces” and the “ability to transform outdoor spaces.”
PGIM Real Estate, a branch of Prudential Financial, stands to make up to $110 million on the sale, according to Real Estate Alert, which says 97 percent of the apartments are leased.
Also fully leased, according to the sales literature, is 7,519-square-feet of ground-floor retail, which includes The Godfather pizzeria and Cambridge Wines.
Need parking? Taxi your Tesla into the 740-space garage.
Developed by Woodmont Properties and the Roseland Property Company, the $75 million project was the showpiece for a state push for commuter-themed residences.
Cushman & Wakefield’s video highlights a pathway connecting the Highlands to the platform of the Morristown Train Station.
Morristown’s walkable downtown was, and remains, a key selling point.
The video notes the 3.5-acre property’s walking distance to “over a millions square feet of office space” at Headquarters Plaza and “150 restaurants, bars and shops,” along with proximity to top-ranked Morristown Medical Center.
When The Highlands opened, it was at the forefront of a Morristown building boom that pushed through the late-2000s economic downturn to revitalize the downtown.
The old Epstein’s department store overlooking the historic Morristown Green was transformed into the 40 Park luxury condos and Metropolitan luxury apartments around the same time.
Now, these trailblazers face competition from a slew of new apartments catering to successful people willing to pay mortgage-sized rents for comfortable lifestyles without the hassles of home ownership.
The Lofts opened on DeHart Street last year. Modera 44 was followed by Modera 55 on Speedwell Avenue. Apartments also are under construction on Market, Ann and South streets, and more are approved for the train station parking lot.