Mack-Cali Realty Corporation has acquired the Riverwatch Commons and Richmond Court multifamily properties in New Brunswick, NJ from Applied Development Company, an affiliate of Ironstate Holdings, for $41.1 million, or $205,500 per unit.
The three-building, 200-unit apartment complex is comprised of three buildings constructed in 2013 on 2.5 acres at 100 Hirma Sq. in Middlesex County. The luxury studio, one-, and two-bedroom units range in size from 623 to 950 square feet, and were 95 percent occupied.
The property is close to shopping, restaurants, nightlife, theaters, corporate offices, and Rutgers University. It is within walking distance of NJ Transit and offers easy access to the Turnpike, I-287 and Rte. 18. Tenants enjoy numerous amenities including a fitness center, laundry facilitates, parking, and more.
Mack-Cali subsidiary Roseland will manage and lease the asset, and plans to upgrade the units with high-quality finishes to include new kitchens and bathrooms, in-unit washer/dryers, a clubroom, and expanding other amenities.
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