Pantzer Purchases New Jersey Luxury Property for $79M
It's the firm's second acquisition in the market this year.
Pantzer has acquired Avenue & Green, a 232-unit transit-oriented luxury apartment community in downtown Woodbridge, N.J., for $79 million from Prism Capital Partners and Northwestern Mutual. The mixed-use asset includes 10,000 square feet of fully leased retail space. Following the trade, Pantzer renamed the asset The Point Woodbridge.
Located at 10 Green St., just steps from the NJ Transit Woodbridge station, Avenue & Green was completed in 2021. The property benefits from a 30-year payment in lieu of taxes program providing tax incentives.
Construction on the community began in December 2019 at the five-acre site of a former car dealership. Other adaptive reuse projects undertaken by Prism include the renovation and reconstruction of the 100-year-old Thomas Edison Invention Factory and Commerce Center in West Orange, N.J., into residential units as well as the industrial-to-residential conversion of a former Wonder Bread factory in Hoboken, N.J., into the Wonder Lofts.
A look inside The Point Woodbridge
The property has a mix of studio, one-, two- and three-bedroom apartments ranging in size from 538 to 1,065 square feet. Rents range from $2,108 to $3,393, with an average of $2,593, according to Yardi Matrix data. There are 33 affordable apartments in the development.
Units feature quartz countertops, stainless steel appliances including gas ranges, in-home washers and dryers and modern finishes.
Amenities include a pool, a landscaped courtyard, grilling and outdoor dining areas, a fire pit, a fitness center, a demonstration kitchen, a coworking space as well as bike storage, a pet spa, covered on-site parking and resident lounges. The property has a total of 330 parking spaces. The on-site retail features LeGrand Coffee House, Wonder and The UPS Store among other service retailers.
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The Point Woodbridge is proximate to the Woodbridge Station transit hub, a 45-minute commute to Manhattan. The property also has direct access to Route 1, the New Jersey Turnpike and the Garden State Parkway. Newark Liberty International Airport is a 25-minute drive. The community is situated within the Metropark/Route 1 employment corridor, which has a tenant base including healthcare, logistics, professional services firms and some corporate headquarters.
JLL Capital Markets represented Prism and Northwestern Mutual in the transaction. The firm’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli, Senior Director Elizabeth DeVesty, Director Austin Pierce and Senior Analyst CJ Anania.
Pantzer’s previous purchases
This is the firm’s second acquisition in the tri-state area this year, following the $221 million July purchase of Stamford Urby, a 641-unit Class A multifamily community in Stamford, Conn. Pantzer renamed the property, located at 1 Greyrock Place, The Point Stamford.
Earlier this year, Pantzer acquired Kingston at McLean Crossing, a 319-unit Class A development in McClean, Va., from JLL Income Property Trust. The purchase price was not disclosed. The buyer rebranded the property as The Point at McLean. The REIT had owned the asset for roughly five years after purchasing it from LCOR, according to Yardi Matrix.
