Regional Operator Acquires 43-Unit Apartment Portfolio In Rahway, New Jersey For $7.3M

The recently closed transaction in Rahway, New Jersey involved a multifamily property portfolio consisting of three buildings. The portfolio included 1592 Elizabeth Avenue, 231 Hamilton Street, and 125 W Main St. The market for this property was Rahway, and it comprised a total of 43 residential units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $7,300,000
• Units: 43
• Price per Unit: $169,767
• Square Footage: 45,000
• Price per Square Foot: $162

The brokers involved in this deal were Brian Antognini, Spencer Beriont, Timothy Blashford, Michael O'Reilly, Nat Gambuzza, and Trevor Fiebel from Berkadia. Their combined effort facilitated the successful closing of this portfolio transaction.

The purchaser, a regional operator, strategically acquired this multifamily portfolio in Rahway to expand their existing holdings in the city. With 41 apartments and 2 commercial spaces, the portfolio offered a diverse range of investment opportunities. The properties were located at the intersection of Central, Hamilton, and Irving Street, making it a highly desirable location for commercial and residential tenants.

The City of Rahway has witnessed a surge in investments, including the development of several high-end apartment communities in recent years. This transaction further underscores the attractiveness of the market and the confidence of investors in Rahway's growth potential.