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| Park Square Apartments, Rahway, NJ |
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| Kevin O'Hearn |
FLORHAM PARK, NJ - HFF announced the sale of Park Square,
a 159-unit, luxury apartment community located in downtown Rahway, New Jersey.
HFF
marketed the transit-oriented property on behalf of the Landmark
Companies. Roseland Property Company, a
wholly owned subsidiary of Mack-Cali Realty Corporation, purchased the asset
for $46.5 million, or nearly $292,500 per unit.
Completed in two phases between 2009 and 2011, Park Square
is located at the intersection of Irving and Main Streets in downtown Rahway
and is two blocks from the Rahway transit station, providing access to midtown
Manhattan and other suburban locations.
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| Jose Cruz |
Consisting of two
four-story buildings, the community is 94 percent leased and has homes
averaging 1,176 square feet each.
Community amenities include two fitness centers, community room with
Wi-Fi, outdoor lounge, billiards room and covered parking. The property also has approximately 6,000
square feet of street-level retail.
The HFF investment sales team representing the seller was
led by Kevin O’Hearn, Jose Cruz and Michael Oliver from HFF’s New
Jersey office along with Andrew Scandalios and Jeff Julien from
HFF’s New York City office.
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| Michael Oliver |
“In Mack-Cali/Roseland’s first apartment purchase in New
Jersey since their merger, they did an outstanding job of working through some
items that arose during the process and solving them efficiently and
effectively.
“ Their investment in Rahway is a tremendous endorsement for
the town and its growing downtown Arts District, as well as a testament to the
high-quality property developed by Landmark,” said O’Hearn.
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| Andrew Scandalios |
Landmark is a diverse real estate company focused on the
design, development, construction and management of real estate.
Based in New Jersey, Landmark has earned its
reputation as one of the area’s leading residential development companies by
its sustained focus on customer service and satisfaction, its commitment to
superior quality construction and its dedication to planning communities that
will continue to grow and thrive.
Since 1992, Roseland Property Company and its principals
have grown to become recognized as industry leaders having developed more than
40,000 high-end residential units, in addition to more than 4,000 residential
sales since 2004.
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| Jeff Julien |
Superior quality, meticulous attention to detail and an
unwavering commitment to customer service are the standards that Roseland
demands for its properties. www.roselandproperty.com.
Mack-Cali Realty Corporation (NYSE: CLI) is a
fully-integrated, self-administered, self-managed real estate investment trust
(REIT) providing management, leasing, development, construction and other
tenant-related services for its class A real estate portfolio.
Mack-Cali owns or
has interests in 275 properties consisting of 266 office and office/flex
properties totaling approximately 30.7 million square feet and nine multifamily
rental properties containing more than 3,300 residential units, all located in
the Northeast.
The properties enable the company to provide a full
complement of real estate opportunities to its diverse base of commercial and
residential tenants. www.mack-cali.com.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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