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Walker & Dunlop Closes Deal for Downtown Westfield’s Largest Apartment Property
Walker & Dunlop has completed the $29,750,000 sale of 333 Central Ave., a 70-unit, Class A multifamily property in Westfield, NJ, approximately 15 miles southwest of Manhattan. Built in 2017, the four-story property is considered the largest and most visible apartment community in Westfield’s downtown neighborhood.
A Walker & Dunlop team of Thomas Walsh and Joseph Garibaldi represented the sellers, Claremont Development and The Hampshire Companies, in the transaction to the buyer, Rockwood Capital, LLC.
“Institutionally developed, owned, and maintained, 333 Central Ave. is Westfield’s highest-quality luxury rental property,” said Walsh. “Although development along the Raritan Valley Train Line is rapidly increasing, the majority of competing assets are privately owned by generational-focused investors.
“Rockwood Capital saw a tremendous opportunity to acquire an institutional-caliber, boutique transit-oriented development asset in one of New Jersey’s trophy bedroom communities along a high barrier to entry transit route,” he continued.
- ◦Sale/Acquisition
