Business & Tech

Coventry Park Property Changes Hands

Townhouse site is sold for $7.25-Million.

The Coventry Park townhouse complex, currently under-construction on Littleton Road in Morris Plains, has changed hands.

Previous owner Advance Realty had made the site "shovel ready" meaning they developed a design, pursued all the permits and approvals needed, cleared the site, then sold it to a company that will now build the project. Kevin Tartaglione, Advance Realty’s Senior Vice President and Chief Operating Officer, called it "unlocking the full value of this land parcel in order to create a desirable investment opportunity."

Homebuilder Lennar Corporation purchased the 4.86 acre parcel for $7.25 million.

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The development will consist of 70 luxury condominium townhomes, which are now available for pre-sale. Two- and three-bedroom units are available, with prices from the mid $300,000s. Initial occupancy is scheduled for May, 2012.

“The completion of this transaction is great news for Morris Plains, as we’re eager to see this prime property transformed into an integral part of town,” said Morris Plains Mayor Frank Druetzler. “Coventry Park at Morris Plains will play a key role in meeting the housing needs of a growing number of local residents.”

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