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The Franklin Westfield 516 North Ave E 40 Unit Apartment Building $32,000,000 ($800,000/Unit) 5.37% Cap Rate Westfield, NJ 07090
Investment Highlights
- Newly built in 2024 with top-tier construction quality
- Located near two train stations and major highways
- Resort-style amenities including spa, theater, simulator
- Strong submarket fundamentals with low vacancy and rising rents
Executive Summary
The Franklin at Westfield is a newly constructed, luxury multifamily asset located at 516 North Avenue East in the heart of Westfield, NJ. Delivered in 2024, this 40-unit property blends high-end finishes with resort-style amenities in one of Union County’s most desirable suburban markets. The unit mix includes 34 market-rate apartments and 6 affordable units, offering a balanced income stream and community integration.
Residents enjoy access to a comprehensive amenity package including a pool, spa, outdoor kitchen, infrared and dry saunas, putting green, movie theater, and a golf/multisport simulator. Interiors feature quartz waterfall islands, GE stainless steel appliances, custom closets, double vanities, and oversized showers with bench seating. Each unit includes in-unit laundry and spacious layouts averaging over 1,700 SF for market-rate units.
Strategically positioned just 0.6 miles from both the Westfield and Garwood train stations, and within 10 minutes of the Garden State Parkway, Route 22, and I-78, the property offers exceptional commuter access. Westfield’s vibrant downtown and top-tier school system further enhance its appeal to high-income renters.
With a submarket vacancy rate of just 5.5% and a 4-year rent growth of 18%, The Franklin is poised for strong long-term performance. The property is offered free and clear of debt, presenting a rare opportunity to acquire a trophy-quality asset in a supply-constrained market.
Residents enjoy access to a comprehensive amenity package including a pool, spa, outdoor kitchen, infrared and dry saunas, putting green, movie theater, and a golf/multisport simulator. Interiors feature quartz waterfall islands, GE stainless steel appliances, custom closets, double vanities, and oversized showers with bench seating. Each unit includes in-unit laundry and spacious layouts averaging over 1,700 SF for market-rate units.
Strategically positioned just 0.6 miles from both the Westfield and Garwood train stations, and within 10 minutes of the Garden State Parkway, Route 22, and I-78, the property offers exceptional commuter access. Westfield’s vibrant downtown and top-tier school system further enhance its appeal to high-income renters.
With a submarket vacancy rate of just 5.5% and a 4-year rent growth of 18%, The Franklin is poised for strong long-term performance. The property is offered free and clear of debt, presenting a rare opportunity to acquire a trophy-quality asset in a supply-constrained market.
Property Facts
| Price | $32,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $800,000 | Building Class | A |
| Sale Type | Investment | Lot Size | 1.63 AC |
| Cap Rate | 5.37% | Building Size | 50,000 SF |
| No. Units | 40 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment |
| Price | $32,000,000 |
| Price Per Unit | $800,000 |
| Sale Type | Investment |
| Cap Rate | 5.37% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | A |
| Lot Size | 1.63 AC |
| Building Size | 50,000 SF |
| No. Stories | 3 |
| Year Built | 2024 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Clubhouse
- Fitness Center
- Pool
- Sauna
- Grill
- Media Center/Movie Theatre
- Pet Play Area
- Storage Space
- Bicycle Storage
- Conference Rooms
- Elevator
- Lounge
- Multi Use Room
- Pet Washing Station
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | 753 - 1,144 |
| 1+1.5 | 4 | - | 999 - 1,118 |
| 2+1 | 1 | - | 1,043 |
| 2+2 | 7 | - | 1,260 - 1,424 |
| 2+3 | 15 | - | 1,596 - 2,367 |
| 3+3 | 6 | - | 2,328 - 2,658 |
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Walk Score®
Very Walkable (82)
Contacts
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Jordan Sobel -
Daniel Bottiglieri -
Andre Balthazard -
Andrew Schwartz -
Cushman & Wakefield
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The Franklin Westfield | 516 North Ave E
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