The Highlands at Morristown Station is now Sofi at Morristown Station.
Property records indicate the 217-apartment complex, built near the train station a decade ago as a model “transit village,” has been acquired by Pacific Urban Residential LLC, described on its website as a “private, multifamily investment company” based in Palo Alto, CA.
The documents do not list the purchase price.
Tenants were told this month to pay their future rent to a new management company, Pinnacle Property Management Services Northeast LLC.
Representatives of Pacific Urban and Pinnacle could not immediately be reached for comment on Friday.
Developed by Woodmont Properties and the Roseland Property Company, the $75 million project at Lafayette Avenue and Morris Street was the showpiece for a state push for commuter-themed residences.
When the Highlands opened, the six-story complex was pitched as a model of upscale commuter living: Ultramodern kitchens and marble bathrooms, a billiards room, gym, yoga studio and an outdoor pool.
In a video this spring, listing agent Cushman & Wakefield positioned it as a shiny fixer-upper, with units renting from $2,119 and $4,515 per month “primed for upgrades.”
Sofi is facing plenty of competition: A slew of apartments have opened recently, or are scheduled to open, across Morristown.
The apartments sit atop 7,519-square-feet of commercial space, which includes The Godfather pizzeria and Cambridge Wines, and a 740-space garage.
Pacific Urban Residential has acquired more than 17,000 apartment units, with a combined value exceeding $3 billion, since its founding in 1998, its website states.
The company says it specializes in rehab and enhancement of complexes with more than 100 units, mainly on the West Coast but also in northern New Jersey, Manhattan and Connecticut. It has branches in Los Angeles; Irvine, CA., Seattle and New York City.
Adding sustainability features to older apartments is a priority, according to Pacific Urban Residential’s site.
Documents show that Pacific Urban Residential last month committed to purchase the 3.5-acre Morristown property from Rosewood Lafayette Commons LLC of Madison, and secured a mortgage from a San Francisco bank.
A week later, Rosewood Lafayette Commons LLC paid off a $49.5 million mortgage on the Highlands from a New York bank dating to 2015.
