Park Square, the two-building, 159-unit rental complex downtown, has sold for $35.9 million, according to property records. Reports in NJ Biz and GlobeSt.com initially had the sale price as $34.9 million.

The sale comes five years after the property changed hands for $46.5 million, about $11.6 million more than the latest sale price.

Newark-based One Wall Partners acquired the 2.4-acre property from Roseland Residential Trust, a subsidiary of Mack-Cali, The $35.9 million sale price works out to an average of $219,496 $225,786 per unit.

Park Square features two four-story buildings connected by a shared courtyard, with a total of 159 rental units — 96 on the the Main Street side and 63 on the Irving Street side, which also includes 6,000 square feet of ground-floor retail in about five spaces. As far as parking, there are 205 garage spaces and eight on-street spaces. The one- and two-bedroom units range from 800 to 1,480 square feet (an average 1,163). The Irving Street building (2 Park Square) was completed in 2009 and the Main Street building (1 Park Square) was completed in 2011.

Combined, the two buildings are assessed for $14,445,900 and generated property tax bills last year of $1,004,712, according to property records. 1 Park Square is assessed for $5,801,100 with property taxes of $403,536. 2 Park Square is assessed for $8,643,000 with taxes of $601,176.

Park Square was one of the first downtown redevelopment projects, breaking ground in the mid-2000s. The five-year Payment In Lieu Of Taxes (PILOT) was among the shortest granted by City Council, phasing in the property tax bill 20 percent each year after it was constructed until it reached 100 percent.

Newark-based One Wall Partners describes itself as an “owner and manager of transit-oriented workforce housing,” with approximately 2,600 units of rental housing in the northern New Jersey and Philadelphia markets.  The company manages all properties through its in-house management group, One Wall Management.

One Wall Partners was represented in-house while Roseland Residential Trust was represented exclusively by Jose Cruz, senior managing director; Michael Oliver, senior director; Kevin O’Hearn, managing director; Stephen Simonelli, senior director; and Mark Mahasky, associate, all with Holliday Fenoglio Fowler LP.

“Investors continue to aggressively pursue multifamily properties within walking distance of mass transit stations as well as retail and restaurants,” says HFF’s Cruz. “Multifamily continues to be one of the most sought-after asset classes in the state.”

Meridian Capital Group Senior Vice President Jacob Schmuckler negotiated the acquisition financing, which was provided by ConnectOne Bank.

The HFF team marketed the property exclusively on behalf of Roseland Residential Trust.  One Wall Partners purchased the property free and clear of existing debt, according to the reports.