Park Square Apartments in Rahway — Courtesy: One Wall Partners
By Joshua Burd
An investment and management firm has expanded its portfolio with the purchase of a 159-unit apartment complex in downtown Rahway, in a $34.9 million transaction brokered by HFF.
The Newark-based firm, One Wall Partners, announced that it has acquired the property known as Park Square Apartments for an undisclosed price. Roseland Residential Trust was the seller of the two-building complex, which sits four blocks from the Rahway train station and includes 6,000 square feet of ground-floor retail space.
Located at 1 and 2 Park Square, the four-story buildings are connected by a shared courtyard and were completed in 2009 and 2011.
“Park Square Apartments stands at the center of Rahway and continues to attract attention from renters seeking a vibrant location in a dynamic community,” said 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.”
One Wall Partners, which specializes in transit-oriented workforce housing, was represented in-house, according to a news release. HFF Senior Managing Director Jose Cruz, Senior Director Michael Oliver, Managing Director Kevin O’Hearn, Senior Director Stephen Simonelli and Associate Mark Mahasky represented Roseland, a subsidiary of Mack-Cali Realty Corp.
Both One Wall and the brokerage team touted the property’s condo-style finishes and amenities such as two fitness centers, a clubroom with a billiards table, a business lounge and covered parking. Park Square’s one- and two-bedroom rental units average 1,163 square feet.
Meantime, the nearby Rahway train station provides a 40-minute ride into Manhattan, while the location offers quick access to the area’s major highways.
“Investors continue to aggressively pursue multifamily properties within walking distance of mass transit stations as well as retail and restaurants,” Cruz said. “Multifamily continues to be one of the most sought-after asset classes in the state.”
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,” Schmuckler said. “There was significant interest from the lending community given the high quality of the asset and the strong reputation of One Wall Partners.”
One Wall Partners owns and operates about 2,600 units of rental housing in northern New Jersey and Philadelphia markets.