Park Square Apartments, a mixed-use retail and residential complex in Rahway, has been sold for $34.9 million, according to real estate firm Holliday Fenoglio Fowler L.P.
HFF said in a news release that the 159-unit, Class A complex, which offers nearly 6,000 square feet of ground-floor retail, was sold by Parsippany-based Roseland Residential Trust to Newark-based One Wall Partners.
HFF marketed the downtown property at 1 and 2 Park Square exclusively on behalf of the seller. The investment advisory team that represented Roseland, a subsidiary of Jersey City-based Mack-Cali Realty Corp., included Jose Cruz, senior managing director; Michael Oliver, senior director; Kevin O’Hearn, senior managing director; Stephen Simonelli, senior director; and Mark Mahasky, associate.
“Investors continue to aggressively pursue multi-housing properties within walking distance of mass transit stations as well as retail and restaurants,” Cruz said in a prepared statement. “Multi-housing continues to be one of the most sought-after asset classes in the state.”
The property in the Arts District includes two four-story buildings connected by a shared courtyard. Its mix of one- and two-bedroom units averages 1,163 square feet, and the property includes common-area amenities such as fitness centers and a club room.
“Park Square Apartments stands at the center of Rahway and continues to attract attention from renters seeking a vibrant location in a dynamic community,” Andy Wallace, CEO and principal of One Wall Partners, said in a news release. “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.”
One Wall Partners was represented in-house in the deal. Meridian Capital Group’s Jacob Schmuckler, senior vice president, negotiated acquisition financing, which was provided by ConnectOne Bank.