Mack-Cali Realty Corporation announced that it has acquired the two-building, 159-unit multi-family property known as Park Square in Rahway, New Jersey for approximately $46.5 million.
The property, which includes a parking garage and approximately 6,000 square feet of retail space, consists of one- and two-bedroom luxury apartments ranging from 800 to 1,480 square feet. It is 94 percent leased, and was acquired from Landmark Companies of Keasbey, New Jersey. Mack-Cali’s Roseland subsidiary will manage and lease the property.
Park Square offers residents an amenity package including a 24-hour fitness center, 24-hour resident service, enclosed, secure private garage parking options, community room with Wi-Fi, and billiards room, as well as on-site retail. The property is located a two-minute walk to the Rahway train station, offering access to Liberty International Airport and Manhattan, as well as the Jersey Shore.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “The Mack‑Cali/Roseland team is thrilled to acquire Park Square, a true luxury rental community that offers residents spacious, well-appointed apartments in an ideal transit-oriented location. Park Square further fulfills Roseland’s mission of building visionary lifestyle.”
HFF marketed the transit-oriented property on behalf of the Landmark Companies. The HFF investment sales team rwas 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.
“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.