Prism Capital Partners' Avenue & Green luxury/affordable rental complex is 96% leased

Developer Prism Capital Partners is putting the finishing touches on Avenue & Green, its 232-unit luxury multifamily community – with 35 affordable living units, just outside New York City. The enterprise is now 96% leased.

“Sustained leasing velocity reflects the appeal of this one-of-a-kind multifamily product," said Prism’s Robert Fourniadis, Senior Vice President, Residential. "Residents are moving in every day, and the sense of community here is exciting. Add to that a retail component that is really coming together, and the final vision for this property is quickly becoming reality.”

Living room at Avenue & Green, Prism Capital Partners — Typical living room at Avenue & Green

The transit-oriented development sits adjacent to NJ Transit's Woodbridge train station, at the corner of Rahway Avenue and Green Street – about a 50-minute trip to midtown Manhattan.

RESIDENT LOUNGE HIGHLIGHTS AMENITIES

The community’s thoughtfully curated resident lounge includes comfortable seating, fireplace, bar area, billiards, and a shuffleboard table. A state-of-the-art fitness center and kitchen/catering accommodations add to the lifestyle experience.

Resident lounge at Avenue & Green, Woodbridge NJ — The resident lounge has billiards and shuffleboard games, along with upscale seating.

Outdoors, Avenue & Green offers a resort-style pool and landscaped courtyard with private BBQs, outdoor dining, fire pits and a screening area.

APARTMENTS HAVE 9-FOOT CEILINGS

Avenue & Green features a mix of  40 studios, 108 one-bedroom, 77 two-bedroom, and seven three-bedroom apartments with nine-foot ceilings, luxury plank flooring, in-home washers and dryers, stainless steel appliances, and Calacatta Valentin quartz countertops.

Monthly rents at Avenue & Green start at $1,815 for a studio, $2,000 for a one-bedroom, and $2,695 for a two-bedroom apartment.

AVENUE & GREEN BEDROOM — Bedroom at Avenue & Green, Woodbridge, N.J.

Residents also have access to laundry rooms on every floor with large-capacity washers and dryers for oversized items, complimentary bike storage, and covered on-site parking.

Located at 10 Green Street, Woodbridge, N.J., Avenue & Green includes 10,500 sf of street-level retail. Two retail leases have been signed – by LeGrand Coffee House and The UPS Store. 

LeGrand Coffee House at Avenue & Green — LeGrand Coffee House, in the 10,500-sf street-level retail space at Avenue & Green.

PROJECT TEAM FOR AVENUE & GREEN

DEVELOPER/OWNER Prism Capital Partners

ARCHITECT Thomas J. Brennan Architects

HVAC Gavazzi Cooling & Heating

ELECTRICAL Eastern Electrical Engineering

PLUMBING Meli Plumbing

FIRE PROTECTION 24/7 Fire Protection

CONCRETE IBN Construction Corp.

CONSTRUCTION MANAGER Prism Construction Management

Typical Kitchen at Avenue & Green, Woodbridge, NJ — Typical kitchen looks out onto the living room in Avenue & Green apartment.

ABOUT PRISM CAPITAL PARTNERS

Nutley, N.J.-based Prism Capital Partners is an established leader in the redevelopment and adaptive reuse arena. The privately held owner/operator’s current Garden State projects include Dunellen Station, a mixed-use, transit-oriented apartment community; Wonder Lofts, the industrial-to-multifamily adaptive reuse of the former Wonder Bread factory in Hoboken; and Edison Lofts, the industrial-to-multifamily-and-retail redevelopment of the historic Thomas Edison Invention Factory and Commerce Center in West Orange.  

Despite a disruptive pandemic, investor demand for multifamily real estate was strong in 2020, according to a newly released Yardi Matrix Bulletin. Around 252,000 apartment units were absorbed last year. That’s about 1.7% of total market stock and down 12% from the 286,300 apartments purchased in 2019.