Roseland Residential Trust Sells NJ Community
- Jan 18, 2019
Roseland Residential Trust, a Mack-Cali Realty subsidiary, has sold Park Square Apartments, a 159-unit community in Rahway, N.J. The buyer, One Wall Partners, received acquisition financing from ConnectOne Bank.
Located at 1 and 2 Park Square, the Class A property has a 6,000-square-foot ground-floor retail component and encompasses two four-story buildings completed in 2009 and 2011. The structures are joined through a shared courtyard. Park Square Apartments feature one- and two-bedroom units ranging in size between 807 and 1,481 square feet, Yardi Matrix shows. Amenities include:
- stainless-steel appliances
- oversized Shaker-style cabinetry
- washers and dryers
- 9-foot ceilings
- two fitness centers
- clubroom with billiards table
- business lounge
- controlled-access covered parking
Located on 2.4 acres in Rahway’s Arts District, the community is four blocks away from the Rahway Train Station, while Manhattan’s Penn Station in 40 minutes away. Nearby major thoroughfares such as Route 1 and St. George Avenue provide easy access throughout the area.
Meridian Capital Group Senior Vice President Jacob Schmuckler facilitated the acquisition financing. One Wall Partners was represented in-house, while HFF Senior Managing Director Jose Cruz, Senior Director Michael Oliver, Managing Director Kevin O’Hearn, Senior Director Stephen Simonelli and Associate Mark Mahasky acted on behalf of the seller. According to Yardi Matrix, the property previously changed hands in November 2013, when Mack-Cali Realty acquired it from Landmark Cos. for $46.5 million.
“Park Square Apartments stands at the center of Rahway and continues to attract attention from renters seeking a vibrant location in a dynamic community,” One Wall Partners CEO & Principal Andy Wallace said in a prepared statement. “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.”
Image courtesy of Yardi Matrix