Skyview Rahway at 80 East Milton Ave. in Rahway — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A pension fund has sold 160 multifamily units in downtown Rahway for $26.5 million, under a newly announced transaction by The Kislak Co. Inc.
The property, located at 80 East Milton Ave., is a 15-year-old former condominium development known as Skyview Rahway. An undisclosed buyer purchased the asset as part of a deal that included 45 one-bedroom units, 102 two-bedroom units and 13 penthouses.
“There was fierce demand from our clients who were looking to acquire a sizable rental property in the heart of Rahway,” said Jeff Squires, a senior vice president with Kislak. “With a bustling downtown, arts district and increasingly strong rental market, Rahway has become one of the most sought-after cities in the state among investors.”
Squires represented the New York-based pension fund, which originated the construction financing for the project more than 10 years ago. He noted that the development stumbled as a for-sale building leading up to the Great Recession and went into foreclosure in the late 2000s.
The lender then took over management and rented the 160 unsold units as apartments.
“The purchaser, who is based in New York believes strongly in the central and northern New Jersey condo markets,” said Barry Waisbrod, a Kislak senior vice president, who procured the buyer. “Skyview was particularly attractive to them given the property’s location, proximity to the train, design and excellent condition.”
The units were fully leased at the time of closing, Kislak said, noting that M&T Bank provided acquisition financing. The property includes concierge services, a rooftop terrace, a fitness center and secure covered parking.
Originally known as Skyview at Carriage City Plaza, the building also includes 20,000 square feet of commercial space and a hotel, which were not a part of the sale.