Boutique Westfield multifamily property sells for $29.75M

A multifamily property in Westfield has sold for $29.75 million, according to real estate firm Walker & Dunlop Inc.

The four-story, 70-unit property at 333 Central Ave. was sold by Claremont Development and the Hampshire Cos. to Rockwood Capital, Walker & Dunlop said in a news release. The firm’s Thomas Walsh and Joseph Garibaldi represented the sellers in the transaction.

“Institutionally developed, owned and maintained, 333 Central Ave. is Westfield’s highest-quality luxury rental property,” Walsh said in a prepared statement. “Although development along the Raritan Valley Train Line is rapidly increasing, the majority of competing assets are privately owned by generational-focused investors. Rockwood Capital saw a tremendous opportunity to acquire an institutional-caliber, boutique transit-oriented development asset in one of New Jersey’s trophy bedroom communities along a high-barrier-to-entry transit route.”

The property sits directly across the street from the Westfield Train Station, Walker & Dunlop noted.