Mack-Cali Buys NJ Apartment Property for $46M
- Nov 25, 2013
Rahway, N.J.—Mack-Cali Realty Corp. has acquired Park Square, a two-building, 159-unit multifamily property in Rahway, N.J. The community, which includes a parking garage and about 6,000 square feet of retail space, traded hands for about $46.5 million.
Park Square, which is 94 percent leased, was acquired from Landmark Cos. of Keasbey, N.J. It consists of one- and two-bedroom apartments ranging from 800 square feet to 1,480 square feet.
Amenities include a 24-hour fitness center, 24-hour resident service, private garage parking options, a community room with Wi-Fi and a billiards room, as well as on-site retail.
Mack-Cali’s Roseland subsidiary, formerly Roseland Partners, will manage and lease the property. The property counts as transit-oriented because of its location about two minutes by foot to the Rahway train station. Rahway is in southern Union County, N.J., about five miles west of Staten Island.
HFF marketed the property on behalf of the Landmark Cos. 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, worked on the deal.
The purchase represents a further expansion into multifamily ownership for the Edison, N.J.-based REIT. Mack-Cali currently owns or has interests in 276 properties, consisting of 266 office and office/flex properties totaling about 30.7 million square feet, but only 10 multifamily rental properties containing over 3,400 residential units.