In a major transaction highlighting the sustained strength of New Jersey’s transit-oriented rental market, Cushman & Wakefield has arranged the $61.3 million sale of The Monroe, a premier luxury multifamily community located in the heart of downtown Morristown.
The institutional-grade asset, situated at 30 Cattano Avenue, was sold by AION Partners to Tuli Realty.
Cushman & Wakefield’s investment sales team, comprised of Niko Nicolaou, Ryan Dowd, JP Hohl, Michael Guerra, Kelly Kellett and Alexandria Russo Ebers, represented both the buyer and the seller in the deal. Comprehensive acquisition financing was simultaneously orchestrated by the firm’s Equity, Debt & Structured Finance (EDSF) team—including John Alascio, Brad Domenico, Chuck Kohaut and Frank Stanislaski—working in lockstep with Drew Fletcher of Greystone, a strategic capital markets partner.
The contemporary mid-rise development features a diverse mix of spacious residential floor plans designed for upscale urban-suburban living. The property boasts a robust amenity package tailored to high-earning professionals, including a fully equipped fitness center, an outdoor recreational courtyard, and a panoramic rooftop terrace.
“The Monroe generated significant interest from investors given the strength of the Morristown market, the quality of the asset, and the continued demand for well-located, transit-oriented multifamily properties across northern New Jersey,” Niko Nicolaou, vice chair at Cushman & Wakefield. “The property checks all the boxes institutional and private capital are targeting today, including walkability, high barriers to entry, strong demographics, and long-term rental demand.”
The acquisition places Tuli Realty in a prime position to capitalize on Morristown’s exceptional economic fundamentals, which are driven by an affluent local workforce, major nearby corporate employment hubs, and an acute regional shortage of housing supply.
“This acquisition represents a strategic addition to our growing multifamily portfolio and reinforces our commitment to investing in premier New Jersey markets,” Matt Tuli of Tuli Realty said. “The Monroe presents a unique opportunity to capitalize on compelling fundamentals driven by limited housing supply, strong employment centers, and sustained demand for quality rental housing.”
