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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).