Berkshire Residential buys Morris Plains first office-to-residential conversion, Signature Place Morris Plains, from Veris for $85M ($431K/unit)

7/14/2025

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MHN

• Subcategory: MF: Market Rate

• Tag: Conversion | Sale

• Additional Filters-Subcategory: MF: Garden

• Additional Filters-Tags: Conversion: Office-to-Residential, Sale: Investment, Sale: Single Property

• Company: "Veris Residential, Inc. (NYSE: VRE)", Berkshire Residential Investments, CBRE Group (NYSE: CBRE)

Veris Residential has completed the $85 million sale of Signature Place, a 197-unit, Class A multifamily community located in Morris Place N.J. to Berkshire Residential. CBRE advised Veris on the sale.

Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE Institutional Properties, in partnership with Roland Merchant and Tom Pryor of CBRE’s Investment Banking team led the efforts.

Signature Place came online in 2018 and is a part of the Northern New Jersey, Morristown submarket. Resident floor plans at the Signature Place include one to three-bedroom apartments averaging 1,000 square feet. Some units include balconies or terraces, and each apartment is fit with wood-plank floorings, in-unit laundry, high ceilings and tile bathrooms with bathtubs.