SOLD
Regional Operator Acquires 43-Unit Apartment Portfolio In Rahway, New Jersey For $7.3M
1592 Elizabeth Avenue, 231 Hamilton Street & 125 West Main Street
MultiFamily
45,000 SF
45,000 SF
Sold 1 year ago
Summary
Sale
NEW JERSEY
MultiFamily
45,000 sqft
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.
Players
All
7
Agents
6
Agencies
1
Details
SOLD
IMAGE: Nat Gambuzza & Trevor Fiebel
DATE: 03/25/2022
ADDRESS: 1592 Elizabeth Avenue, 231 Hamilton Street & 125 W Main St
MARKET: Rahway
ASSET TYPE: Multifamily
BROKERS: Brian Antognini (@Brianantognini), Spencer Beriont (@SpencerBeriont), Timothy Blashford (@TimothyBlashford), Michael O'Reilly (@MichaelO'Reilly), Nat Gambuzza (@NatGambuzza) & Trevor Fiebel (@TrevorTrevv), (@TrevorFiebel)- Berkadia (@Berkadia)
SALE PRICE: $7,300,000
UNITS: 43 ~ PPU: $169,767
SF: 45,000 ~ PPSF: $162
NOTE FROM BROKER: 43 UNIT APARTMENT PORTFOLIO
RAHWAY, NEW JERSEY
• Sale Price of $7,300,000
• +/- $170,000 Per Apartment
• Three Building Portfolio
• Portfolio Included Two Commercial Spaces
• Portfolio Consisted of:
o 1592 Elizabeth Avenue (12 Apartments)
o 231 Hamilton Street (8 Apartments/2 Commercial)
o 125 Main Street (21 Apartments)
Nat Gambuzza and Trevor Fiebel are pleased to announce the closing of a 3 building portfolio in Rahway, New Jersey. The Union County portfolio included 231 Hamilton Street, 1592 Elizabeth Avenue, and Cambridge Court Apartments located at 125 Main Street. The 43-unit mixed-use package was comprised of 41 apartments and 2 commercial spaces with frontage at the crossing of Central, Hamilton, and Irving Street. The purchaser, a regional operator who is highly invested in the city, sought to add to his existing portfolio of apartments and commercial spaces in Rahway. The City of Rahway has seen an influx of investment including multiple newly constructed high-end apartment communities in recent years.View on map
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Address1592 Elizabeth Avenue, 231 Hamilton Street & 125 West Main Street
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