Cushman & Wakefield brokers Morristown multifamily asset.

Byline: Linda Lindner

Cushman & Wakefield's New Jersey capital markets team announced Pacific Urban Residential LLC acquired The Highlands at Morristown Station, a 217-unit building fronting on Lafayette Avenue and Morris Street.

The Highlands represents the third multifamily acquisition in the Northeast for Palo Alto, Calif.-based Pacific Urban Residential since establishing a Northeast regional office last year.

Sitting adjacent to New Jersey Transit's Morristown Station, The Highlands is surrounded by retail, restaurants, nightlife, office buildings and hotels. Constructed in 2010, the six-story building at 10 Lafayette Ave. features modern homes, a full suite of lifestyle amenities, structured parking and 7,500 square feet of ground-level retail.

"This offering represented an...