Riverside Apartments, a 31-unit complex on Dock Street, sold in May for $2.418 million, according to property tax records. The sale included a Main Street commercial space of about 1,000 square feet that houses Main Street Spirits.
The 31 units are all studio apartments and located at 145 Dock St. while the commercial space has an address of 1537 Main St. A recent vacancy listed for $875 per month for a 310-square-foot studio. The complex is adjacent to Meridia Lafayette Village, a 115-unit building currently under construction.
Landmark at Riverside, LLC, an entity of Landmark Companies, closed on the property on May 27, acquiring it from the original builder, Edison-based MM Rahway Associates, according to records filed with the county clerk’s office. The three-story complex was built in the early 2000s. Landmark built the 159-unit Park Square and sold it in 2013 and also owns other Main Street properties.
Block 320, Lot 5 generated a property tax bill of $78,817 last year, based on an assessment of $1,202,400.
Landmark Companies currently owns or manages more than 3,100 units of mainly B-level apartments and Riverside fit into its portfolio very well, Eric Harvitt of Landmark Companies said via email. “The building is in very good shape and we plan to do a few interior upgrades,” he said. The Keasbey-based firm also recently acquired two apartment buildings in Roselle Park and is still actively looking to buy more existing apartments in the Rahway area, according to Harvitt.
The $2.418 million works out to an average of $78,000 per unit. It’s at least the third apartment complex in Rahway that has sold and among a number of downtown properties that has changed hands in the last several months:
- River Place, 136 units, sold for $36 million in February (average $264,705)
- Alden Apartments, 32 units, sold for $5.35 million in February (average $167,188)
- Wheatena properties were acquired in June for $4.7 million for The Brownstones, a 489-unit rental complex.
- Tamarand Realty acquired 41-51 E. Cherry St. and adjacent Lewis Street lots for a total $1,120,500 in January.
- Cherry Street Properties, LLC, an entity of DMR Construction, acquired 38-44 E. Cherry St., in December.
- The Parking Authority acquired 59 E. Cherry St. for $277,500 in October.
- A three-story mixed-use property at 1519 Main St. was acquired by HudsonFive for $90,000 in October.