Plainfield Multifamily Hits Highest Per-Unit Sales Price in Four Years

PLAINFIELD, NJ–A 23-unit Plainfield multifamily property has traded for $2.35 million–$102,000 a unit–the highest per-unit price realized in the local market in more than four years.

Cushman & Wakefield's Alexander McGee brokered the sale of 909 Park Avenue, representing the seller, a private owner, and finding the buyer, a New York-based equity fund. Neither buyer nor seller were identified.

“This offering drew significant interest; we created a competitive bidding environment and identified the buyer within two weeks of going to market,” says McGee, a multifamily investment sales specialist. “The fact that the property attracted a New York-based entity is significant. Plainfield is a market poised for progress. Its population is growing alongside strengthening demand for housing in transit-served communities.”

The four-story, 28,676-square-foot 909 Park Avenue property includes apartment homes ranging from one to four bedrooms. The building was 97 percent at the time of the sale.

McGee says that while limited multifamily product has come on-line and traded at the pricing level of 909 Park Avenue in the past four years, investors have continued to target the city. “Plainfield is seeing some great investment plays from both the public and private sectors across product types,” he said. “This has – and continues to be – instrumental in adding value to the local economy.”

Plainfield Multifamily Hits Highest Per-Unit Sales Price in Four Years

PLAINFIELD, NJ–A 23-unit Plainfield multifamily property has traded for $2.35 million–$102,000 a unit–the highest per-unit price realized in the local market in more than four years.

Cushman & Wakefield's Alexander McGee brokered the sale of 909 Park Avenue, representing the seller, a private owner, and finding the buyer, a New York-based equity fund. Neither buyer nor seller were identified.

“This offering drew significant interest; we created a competitive bidding environment and identified the buyer within two weeks of going to market,” says McGee, a multifamily investment sales specialist. “The fact that the property attracted a New York-based entity is significant. Plainfield is a market poised for progress. Its population is growing alongside strengthening demand for housing in transit-served communities.”

The four-story, 28,676-square-foot 909 Park Avenue property includes apartment homes ranging from one to four bedrooms. The building was 97 percent at the time of the sale.

McGee says that while limited multifamily product has come on-line and traded at the pricing level of 909 Park Avenue in the past four years, investors have continued to target the city. “Plainfield is seeing some great investment plays from both the public and private sectors across product types,” he said. “This has – and continues to be – instrumental in adding value to the local economy.”

PLAINFIELD, NJ–A 23-unit Plainfield multifamily property has traded for $2.35 million–$102,000 a unit–the highest per-unit price realized in the local market in more than four years.

Cushman & Wakefield's Alexander McGee brokered the sale of 909 Park Avenue, representing the seller, a private owner, and finding the buyer, a New York-based equity fund. Neither buyer nor seller were identified.

“This offering drew significant interest; we created a competitive bidding environment and identified the buyer within two weeks of going to market,” says McGee, a multifamily investment sales specialist. “The fact that the property attracted a New York-based entity is significant. Plainfield is a market poised for progress. Its population is growing alongside strengthening demand for housing in transit-served communities.”

The four-story, 28,676-square-foot 909 Park Avenue property includes apartment homes ranging from one to four bedrooms. The building was 97 percent at the time of the sale.

McGee says that while limited multifamily product has come on-line and traded at the pricing level of 909 Park Avenue in the past four years, investors have continued to target the city. “Plainfield is seeing some great investment plays from both the public and private sectors across product types,” he said. “This has – and continues to be – instrumental in adding value to the local economy.”

Plainfield Multifamily Hits Highest Per-Unit Sales Price in Four Years

PLAINFIELD, NJ–A 23-unit Plainfield multifamily property has traded for $2.35 million–$102,000 a unit–the highest per-unit price realized in the local market in more than four years.

Cushman & Wakefield's Alexander McGee brokered the sale of 909 Park Avenue, representing the seller, a private owner, and finding the buyer, a New York-based equity fund. Neither buyer nor seller were identified.

“This offering drew significant interest; we created a competitive bidding environment and identified the buyer within two weeks of going to market,” says McGee, a multifamily investment sales specialist. “The fact that the property attracted a New York-based entity is significant. Plainfield is a market poised for progress. Its population is growing alongside strengthening demand for housing in transit-served communities.”

The four-story, 28,676-square-foot 909 Park Avenue property includes apartment homes ranging from one to four bedrooms. The building was 97 percent at the time of the sale.

McGee says that while limited multifamily product has come on-line and traded at the pricing level of 909 Park Avenue in the past four years, investors have continued to target the city. “Plainfield is seeing some great investment plays from both the public and private sectors across product types,” he said. “This has – and continues to be – instrumental in adding value to the local economy.”