RAHWAY, NJ-Mack-Cali Realty Corp. has added another multi-family property to its burgeoning portfolio, this one a two-building, 159-unit complex here that was purchased for $46.5 million.
The Park Square development is situated close to the downtown Rahway's train station and within a growing Arts District. It includes a parking garage and 6,000 square feet of retail space.
Mack-Cali's Roseland subsidiary will manage and lease the property, which was purchased from Landmark Companies of Keasbey at a price that works out to almost $292,500 per unit.
HFF marketed the property for Landmark. Its sales team included Kevin O'Hearn, Jose Cruz and Michael Oliver from HFF's New Jersey office, along with Andrew Scandalios and Jeff Julien from HFF's New York City office.
“In Mack-Cali/Roseland's first apartment purchase in New Jersey since their merger, they did an outstanding job of working through some items that arose during the process and solving them efficiently and effectively," said O'Hearn. " Their investment in Rahway is a tremendous endorsement for the town and its growing downtown Arts District, as well as a testament to the high-quality property developed by Landmark.”
Mtchell E. Hersh, president and CEO Mack-Cali, called Park Square “a true luxury rental community that offers residents spacious, well-appointed apartments in an ideal transit-oriented location.”
It has one- and two-bedroom units ranging from 800 to 1,480 square feet, and is currently 94% occupied. The complex has a 24-hour fitness center, 24-hour resident service, private garage parking options, a community room with Wi-Fi and abilliards room.
Park Square is a two-minute walk from the Rahway train station.
Mack-Cali now owns or has interests in 276 properties, consisting of 266 office and office/flex properties totaling approximately 30.7 million square feet and ten multi-family rental properties containing over 3,400 residential units, all located in the Northeast.
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