Modera Parsippany sold for $68 million

The front entrance of Modera Parsippany by Mill Creek

PARSIPPANY — Modera Parsippany by Mill Creek, the two-year-old luxury apartment reportedly sold for $68 million.

Mill Creek Residential closed on its sale of the property at 1715 Route 46 to the joint venture of Harbor Group International and Maya Capital. The partnership reportedly paid $68 million for the complex known as Modera Parsippany, which opened in spring 2018. The property is over 90% leased. The complex has 212 units.

Harbor Group International is headquartered in Norfolk, Virginia. Harbor Group International is a leading global real estate investment and management firm. With $12.5 billion in real estate investment properties, the firm invests in and manages diversified property portfolios including office, retail, and multifamily properties. With over 35 years of experience in the industry and over 1,150 employees worldwide, HGI continues to look for real estate investment opportunities.

At the opening of Modera in 2018, Parsippany-Troy Hills Mayor said: “With Parsippany-Troy Hills being a major center of employment in Morris County, it is important that the township continues to position itself as a desirable place to live in the area, and provide options for the kind of housing residents are seeking. With Modera Parsippany, Mill Creek is delivering much-needed upscale residences for the area’s workforce, and the community promises to be a vital addition to the residential market here.”

The building’s new owners have changed its name from Modera to The Mark Parsippany. Monthly rents range from $1,775 to $3,203 and include Studio apartments, one and two bedrooms ranging from 451 to 1,311 square feet.

The property is managed by Harbor Group Management.