Park Square Apartments, Rahway, NJ
RAHWAY, NJ—One Wall Partners, an owner and manager of transit-oriented workforce housing, has acquired Park Square Apartments, a 159-unit Class-A apartment complex with 6,000 square feet of ground-floor retail space in Rahway, NJ, for $34.9 million.
“Park Square Apartments stands at the center of Rahway and continues to attract attention from renters seeking a vibrant location in a dynamic community,” says Andy Wallace, CEO and principal of One Wall Partners. “The property is a perfect addition to our portfolio of transit-oriented workforce housing, and we will add additional value by enhancing management and resident services.”
Located at 1 and 2 Park Square in downtown Rahway's revitalized Arts District, Park Square Apartments features two adjacent four-story buildings connected by a shared courtyard. The buildings were completed in 2009 and 2011. Park Square's one- and two-bedroom rental units average 1,163 square feet and feature condo-quality finishes such as stainless-steel appliances, oversized Shaker-style cabinetry, granite countertops, full-size washers and dryers and nine-foot ceilings. To complement the luxury unit finishes, the property offers common area amenities, including two fitness centers, clubroom with billiards table, business lounge and controlled-access covered parking.
One Wall Partners was represented in-house, while the seller, Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation, was represented exclusively by a Holliday Fenoglio Fowler investment advisory team led by senior managing director José Cruz, senior director Michael Oliver, senior managing director Kevin O'Hearn, senior director Stephen Simonelli and associate Mark Mahasky.
Meridian Capital Group senior vice president Jacob Schmuckler negotiated the acquisition financing which was provided by ConnectOne Bank.
“This acquisition was time of the essence which we were able to accommodate by efficiently coordinating with the lender, buyer and all third parties to meet the required timeline,” says Schmuckler. “There was significant interest from the lending community given the high quality of the asset and the strong reputation of One Wall Partners.”
The property is ideally located only four blocks from the Rahway Train Station, providing access into Manhattan's Penn Station in about 40 minutes. The property also offers convenient access to multiple highways connecting residents to New Jersey's largest employment hubs.
“Investors continue to aggressively pursue multifamily properties within walking distance of mass transit stations as well as retail and restaurants,” says HFF's Cruz. “Multifamily continues to be one of the most sought-after asset classes in the state.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
