Pantzer Properties has purchased a 232-unit luxury apartment complex in Woodbridge, New Jersey’s downtown area, for $79 million. Formerly known as Avenue & Green, the property includes 10,000 square feet of fully leased retail space and has been rebranded as The Point Woodbridge.
Situated at 10 Green Street, the mixed-use development is a short walk from the NJ Transit Woodbridge station. The property benefits from a 30-year payment in lieu of taxes program providing tax incentives.
Property Details
The Point Woodbridge offers a variety of studio, one-, two-, and three-bedroom apartments, ranging from 538 to 1,065 square feet. Monthly rents vary between $2,108 and $3,393, averaging $2,593, as reported by Yardi Matrix.
Each unit features quartz countertops, stainless steel appliances, in-home washers and dryers, and contemporary finishes. Residents enjoy amenities such as a pool, a landscaped courtyard, grilling and outdoor dining areas, a fire pit, a fitness center, a demonstration kitchen, a coworking space, bike storage, a pet spa, covered on-site parking, and resident lounges.
Location and Accessibility
The complex is near the Woodbridge Station transit hub, offering a 45-minute commute to Manhattan. It also provides direct access to Route 1, the New Jersey Turnpike, and the Garden State Parkway. Newark Liberty International Airport is a 25-minute drive away.
JLL Capital Markets facilitated the sale, representing the sellers, Prism Capital Partners and Northwestern Mutual. The firm’s Investment Sales and Advisory team 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.
This is the firm’s second acquisition in the tri-state area this year, following the $221 million purchase of Stamford Urby, a 641-unit Class A multifamily community in Stamford, Conn., which Pantzer renamed The Point Stamford.
Completed in 2021, Avenue & Green was built on a five-acre former car dealership site, starting construction in December 2019. The property includes 330 parking spaces and 33 affordable housing units. Prism Capital Partners has also undertaken adaptive reuse projects, such as 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.
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