RAHWAY, NJ-The 136-unit River Place at Rahway has sold for$26.25 million, netting one of central New Jersey’s largestmulti-family transactions this year, says Gebroe-HammerAssociates, which represented the buyer and seller, bothprivate limited liability corporations.

The deal includes cash and the assumption of approximately $20million in debt. The two-building River Place was built in 2005,and owned by a partnership that included the developer who wantedto monetize his investment, Joseph Brecher,executive VP of Gebroe-Hammer, tells GlobeSt.com in an exclusiveinterview. The complex is 99% occupied. “With today’sfavorable environment for multifamily, if someone needs cash, thisis perfect,” Brecher says.

The seller is a partnership that owns a number of multifamilyprojects in New Jersey and Pennsylvania. Also appealing was thetransit-oriented development’s location, close to the Rahway trainstation. Approximately 80% of River Place’s residents commute toNew York City.”

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