FLORHAM PARK, NJ – January 17, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $34.9 million sale of Park Square, a 159-unit, Class A apartment complex with nearly 6,000 square feet of ground-floor retail in downtown Rahway, New Jersey.

The HFF team marketed the property exclusively on behalf of seller, Roseland Residential Trust.  One Wall Partners purchased the property free and clear of existing debt.

Park Square consists of two adjacent four-story buildings completed in 2009 and 2011, which are connected by a shared courtyard.  The property’s one- and two-bedroom units average 1,163 square feet and feature condo-quality finishes such as stainless steel appliances, oversized Shaker-style cabinetry, granite countertops, full-size washers and dryers and nine-foot ceilings.  To compliment the luxury unit finishes, the property offers common area amenities, including two fitness centers, clubroom with billiards table, business lounge and controlled-access covered parking.  Located at 1 and 2 Park Square, the property is four blocks from the Rahway Train Station, which provides access into Manhattan’s Penn Station in about 40 minutes.  Park Square is also convenient to multiple highways connecting resident’s to New Jersey’s largest employment hubs.

The HFF investment advisory team representing the seller included senior managing director Jose Cruz, senior director Michael Oliver, senior managing director Kevin O’Hearn, senior director Stephen Simonelli and associate Mark Mahasky.

“Investors continue to aggressively pursue multi-housing properties within walking distance of mass transit stations as well as retail and restaurants,” Cruz said.  “Multi-housing continues to be one of the most sought-after asset classes in the state.”