Plainfield Multifamily Hits Highest Per-Unit Sales Price in Four Years

909 Park Avenue, Plainfield, NJ

PLAINFIELD, NJ–A 23-unit Plainfield multifamily property has traded for $2.35 million–$102,000 a unit–the highest per-unit price realized in the local market in more than four years.

Cushman & Wakefield’s Alexander McGee brokered the sale of 909 Park Avenue, representing the seller, a private owner, and finding the buyer, a New York-based equity fund. Neither buyer nor seller were identified.

“This offering drew significant interest; we created a competitive bidding environment and identified the buyer within two weeks of going to market,” says McGee, a multifamily investment sales specialist. “The fact that the property attracted a New York-based entity is significant. Plainfield is a market poised for progress. Its population is growing alongside strengthening demand for housing in transit-served communities.”