One Wall Partners, an owner and manager of transit-oriented workforce housing, has acquired Park Square Apartments, a 159-unit Class-A apartment complex with 6,000 square feet of ground-floor retail space in Rahway, New Jersey.

Located at 1 and 2 Park Square in downtown Rahway’s revitalized Arts District, Park Square Apartments features two adjacent four-story buildings connected by a shared courtyard. The buildings were completed in 2009 and 2011.

Park Square’s one- and two-bedroom rental 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 complement 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.

The property is ideally located only four blocks from the Rahway Train Station, providing access into Manhattan’s Penn Station in about 40 minutes. The property also offers convenient access to multiple highways connecting residents to New Jersey’s largest employment hubs.

“Park Square Apartments stands at the center of Rahway and continues to attract attention from renters seeking a vibrant location in a dynamic community,” said Andy Wallace, CEO and Principal of One Wall Partners. “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.”

Meridian Capital Group Senior Vice President, Jacob Schmuckler negotiated the acquisition financing which was provided by ConnectOne Bank.

“This acquisition was time of the essence which we were able to accommodate by efficiently coordinating with the lender, buyer and all third parties to meet the required timeline,” said Schmuckler. “There was significant interest from the lending community given the high quality of the asset and the strong reputation of One Wall Partners.”

One Wall Partners was represented in-house, while the seller, Roseland Residential Trust, a subsidiary of Mack-Cali, was represented exclusively by Jose Cruz, senior managing director; Michael Oliver, senior director; Kevin O’Hearn, managing director; Stephen Simonelli, senior director, and Mark Mahasky, associate, all with Holliday Fenoglio Fowler, L.P. (HFF)

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

Headquartered in Newark, NJ, One Wall Partners is a vertically integrated investment and management firm that owns and operates approximately 2,600 units of rental housing in the Northern New Jersey and Philadelphia markets. The company manages all properties through its in-house management group, One Wall Management.

About One Wall Partners

One Wall Partners was founded in 2010 with a primary focus on multi-family real estate assets. A vertically integrated investment and management firm, One Wall Partners focuses on transit-oriented workforce housing, with approximately 2,600 units of rental housing in Northern New Jersey and Philadelphia. Company principals have extensive management expertise across a spectrum of industries including real estate, health care, logistics and transportation. One Wall Partners’ in-house property management group, One Wall Management, manages all the firm’s assets, and helps to control 100% of the value chain while realizing significant operational efficiencies.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

About Roseland Residential Trust

Roseland Residential Trust is an owner, manager, and developer of luxury lifestyle-oriented multifamily and mixed-use properties in select waterfront and transit-oriented markets throughout the Northeast. A subsidiary of Mack-Cali Realty Corporation, one of the country's leading real estate investment trusts (REITs), Roseland is the master developer for several nationally recognized mixed-use destinations, including Port Imperial, a $3 billion, 200-acre community on the Hudson River Waterfront in New Jersey.