Sagard Real Estate, formerly EverWest Real Estate Investors, on Thursday said it acquired Highlands at Morris Plains, a workforce housing apartment community located in Morris Plains.
Built in 2003, the asset spans 5.4 acres and includes two wood-frame residential buildings totaling 116 apartment homes. The community features a well-rounded amenity package, including a fitness center, gazebo with barbeque stations, open green space, and both covered and surface parking. Apartment interiors offer nine-foot ceilings, stainless-steel appliances, in-unit washers and dryers, vinyl flooring, and walk-in closets.
Sagard Real Estate plans to execute a value-add renovation program, including upgrading 96 units, enhancing common areas, and improving outdoor amenities. This acquisition aligns with Sagard Real Estate’s broader strategy of investing in high-quality assets in dynamic markets, executing focused capital improvements and active asset management to drive long-term value for residents and investors alike.
This is the third investment for Sagard’s recently launched moderate value-add, open-end fund, which targets seaport/last-mile industrial, attainable rental housing serving the local workforce, and other niche property sub-sectors in supply-constrained and high-growth markets.
“This fund is designed to capitalize on today’s market dislocation and shifting investor appetite, with a focus on workforce housing and last-mile logistics that are supported by structural demand drivers and limited new supply,” John Maurer, head of equity at Sagard Real Estate said. “Highlands at Morris Plains exemplifies the type of opportunity where we see potential to deliver strong risk-adjusted returns for our investors.”
“We’re excited to add Highlands at Morris Plains to our portfolio, aligning with our strategy of investing in well-located assets in established, high-demand submarkets. We’ve targeted Northern New Jersey for its appeal to the greater NYC workforce, particularly for young families,” Tyler Williams, co-portfolio manager for the fund, added.
Highlands at Morris Plains is located just half a mile from the Morris Plains NJ Transit station and near Interstates 287, 80, and Route 24.
