FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces the $34.9 million sale of Park Square, a 159-unit, Class A apartment complex with nearly 6,000 square feet of ground-floor retail in downtown Rahway, New Jersey.
The HFF team marketed the property exclusively on behalf of seller, Roseland Residential Trust. One Wall Partners purchased the property free and clear of existing debt.
Park Square consists of two adjacent four-story buildings completed in 2009 and 2011, which are connected by a shared courtyard. The property’s one- and two-bedroom 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 compliment 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. Located at 1 and 2 Park Square, the property is four blocks from the Rahway Train Station, which provides access into Manhattan’s Penn Station in about 40 minutes. Park Square is also convenient to multiple highways connecting resident’s to New Jersey’s largest employment hubs.
The HFF investment advisory team representing the seller included senior managing director Jose Cruz, senior director Michael Oliver, senior managing director Kevin O’Hearn, senior director Stephen Simonelli and associate Mark Mahasky.
“Investors continue to aggressively pursue multi-housing properties within walking distance of mass transit stations as well as retail and restaurants,” Cruz said. “Multi-housing continues to be one of the most sought-after asset classes in the state.”
HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.
About Roseland Residential Trust: Roseland Residential Trust is an owner, manager and developer of luxury lifestyle-oriented multifamily and mixed-use properties in select waterfront and transit-oriented markets throughout the Northeast. A subsidiary of Mack-Cali Realty Corporation, one of the country's leading real estate investment trusts (REITs), Roseland is the master developer for several nationally recognized mixed-use destinations, including Port Imperial, a $3 billion, 200-acre community on the Hudson River Waterfront in New Jersey. A recognized leader in multifamily innovation, Roseland is known for creating locally inspired communities that enhance the beauty, economic vitality and energy of their surrounding environs. Fully integrated and self-managed, the company comprises a team of professionals committed to enriching the quality of life in each of its communities. For more information on Roseland Residential Trust and its communities, visit roselandres.com
About One Wall Partners: Founded in 2010, OWP is a vertically integrated real estate investment firm whose primary objective is providing naturally occurring affordable housing and quality, transit-oriented workforce housing located within a half-mile of public transportation. For more information about One Wall Partners, email us at info@onewallpartners.com or go to onewallpartners.com
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.