Colliers, a brokerage, diversified professional services and investment management company, announced the sale of Parc at Maplewood Station, a Class A, 50-unit multifamily rental community, for $20.25 million.
A Colliers transaction team of Joseph Garibaldi, Thomas Walsh, Nick Vanderslice, and Katelyn Borovsky represented the seller AION Partners in the transaction, which closed April 22. Advance Realty purchased Parc at Maplewood Station.
Built in 2013, Parc at Maplewood Station features 50 rental units with a fitness center and a private parking garage. It is located 500 feet from the Maplewood train station which has a direct commute to New York City and is across from Memorial Park. Parc residents also are near shops, restaurants, and cultural venues of Maplewood, which is on publications’ list of New Jersey’s best downtowns.
“Parc at Maplewood Station attracted significant investor interest thanks to its unique combination of boutique scale, exceptional location, and clear upside potential,” said Joseph Garibaldi, vice chair at Colliers. “It embodies the qualities today’s multifamily investors are actively pursuing: seamless transit access, walkable amenities, and stabilized cash flow with a loyal tenant base.”
Multifamily communities near train stations such as Parc at Maplewood are in demand as housing prices in the New York City metropolitan area continue to skyrocket. Real estate information provider Zillow said the average New Jersey home value is $563,670, up 5.7% over the past year, and has increased 75% from $321,163 in 2017.
Colliers calls Parc at Maplewood Station “a compelling alternative to homeownership in one of the region’s most desirable commuter towns.”
