The Mark Parsippany Complex Sold for $82.5 Million

The front entrance of Modera Parsippany by Mill Creek, at the grand opening. The complex is now The Mark

PARSIPPANY — The Mark Parsippany, 212-unit, four-story apartment community at 1715 Route 46 sold for $82.5 million, according to JLL Capital Markets, which represented the seller.

At The Mark Parsippany the rents aren’t cheap — $2,100 to $3,365 per month. A 451 square foot studio, with one bath rents for $2,100 to $2,120 per month; a one bedroom and one bath, 795 sq. ft., rents for $2,600 to $2,650; Two bedroom, two bath, 920 square foot units range from  $2,845 to $2,915 per month.

2 Bed/2 Bath-C; $2,845 – $2,915 / month. 2 bed, 2 bath; 920 sq ft. Cable TV ready; Dishwasher; High-speed internet ready; Range; Refrigerator; Washer/dryer; Air conditioning; Patio/balcony

“Each unit offers stainless steel appliance packages, wood-look plank flooring, luxurious walk-in showers, chef-inspired kitchens outfitted with quartz countertops and elegant islands, high-end custom cabinetry, keyless entry and full-size washers and dryers,” said Tuesday’s announcement from JLL Capital Markets.

The reviews we found are all five star. One anonymous renter said “I recently moved in. I had an overall great experience. John was very helpful with accommodating all of my needs for moving in, and answered all of my emails/questions promptly. Everything went very smoothly, and I’m excited to be at The Mark.”

Another review by Brittany said “A great place to live! Decent quality appliances, fixtures, etc. Staff are all great and maintenance is very fast to respond. Walking distance park next door. Walls are pretty thick – we rarely hear the baby or dog next door, but we can often hear our upstairs and downstairs neighbors. If your apartment faces the courtyard, you’ll hear music and anyone outside, but it’s not bad especially if you don’t mind some background noise. No dog park and people drive really fast in the parking lot but given the park next door, not bad. Pool and lounge are pretty cool! Gym is nice. No pests of any kind in the apartment. Electric bill for 1000 square feet averages $80 a month and we use the heat and air significantly, no gas. Prices have gone up a lot since we moved in, but our rent has only gone up a bit each year. Very close to a bus stop, too. Has issues with package thieves, no cameras, but there is a local Amazon locker at Whole Foods we use. Overall we recommend this apartment! It’s a good find for around here. You won’t find this nice for any cheaper.”

The complex originally opened as Modera Parsippany opened in spring of 2018 was owned by Mill Creek Residential. In 2020 Mill Creek Residential sold the property to the joint venture of Harbor Group International and Maya Capital. The partnership reportedly paid $68 million for the complex.

To read more about Modera:

Construction is underway at Modera luxury apartments. Click here.

Modera luxury apartments coming to Parsippany. Click here.

Mill Creek Celebrates Opening of Modera Parsippany. Click here.

Model apartment, showing Kitchen area