Walker & Dunlop Completes Sale of Luxury Multifamily Property in Westfield, New Jersey

  • Oct. 12, 2021
Walker & Dunlop Completes Sale of Luxury Multifamily Property in Westfield, New Jersey
apartment building

Walker & Dunlop, Inc. announced today that it completed the $29,750,000 sale of 333 Central Avenue, a 70-unit, Class A multifamily property in Westfield, New Jersey, located 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. 

Walker & Dunlop’s Thomas Walsh and Joseph Garibaldi represented the sellers, Claremont Development and The Hampshire Companies, in the transaction to the buyer, Rockwood Capital, LLC. 

Mr. Walsh commented, “Institutionally developed, owned, and maintained, 333 Central Avenue is Westfield’s highest-quality luxury rental property. 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.”  

333 Central features best-in-class unit interior finishes and amenities, including a modern community room, 24-hour fitness studio with Pilates, yoga, and fitness on demand, a package concierge, rooftop terrace, direct-access secured parking garage, and a dog walk and pet-washing facility. The property sits directly across the street from the Westfield Train Station, which registers the highest ridership of any station on New Jersey Transit’s Raritan Valley Line. Downtown Westfield is one of the most appealing districts for entertainment, shopping, and restaurants, making 333 Central highly desirable for residents seeking a live, work, and play lifestyle. 

Walker & Dunlop is a leader in multifamily property sales, having completed $4.74 billion in property sales volume in the first half of 2021. The firm was also the top provider of capital to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020. 

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop, and play — to life. The power of our people, premier brand, and industry-leading technology enables us to meet any client need – including financing, research, property sales, valuation, and advisory services. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune’s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

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