Transit-oriented Avenue & Green in Woodbridge is now The Point Woodbridge, following the $79 million sale of the 232-unit apartment community.
JLL announced the transaction Oct. 5. The firm represented the seller, Nutley-based Prism Capital Partners and Northwestern Mutual, in the sale to Pantzer.
Completed in 2021 and located at 10 Green St., the multifamily complex is steps from Downtown Woodbridge and the NJ Transit Woodbridge Train Station. The property benefits from a 30-year PILOT program providing tax incentives, JLL noted.
Beyond resident amenities, the former Avenue & Green also features 10,000 square feet of fully leased retail space. LeGrand Coffee House made its debut at the property, signing on as the development’s first commercial tenant in 2021. Since then, the concept from Rutgers icon and local entrepreneur Eric LeGrand has expanded to Monmouth County. Meanwhile, UPS and Wonder round out the retail mix.
Prism Capital Partners began work on Avenue & Green in 2019. At the time, Principal Partner Edwin Cohen said of the location that it, “checks every box in a community that is embracing smart growth initiatives.”
In 2022, just 90 days after launch, it hit the 50% leased mark.
‘An exceptional opportunity’
Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli, Senior Director Elizabeth DeVesty, Director Austin Pierce and Senior Analyst CJ Anania led the JLL Capital Markets Investment Sales and Advisory team representing the seller.
“Avenue & Green represents an exceptional opportunity in a supply-constrained market, Cruz said. “The property’s prime location within the Metropark/Route 1 Employment Corridor, combined with its transit-oriented positioning and long-term PILOT benefits, attracted significant investor interest.”
Amenities include:
- Resort-style pool
- BBQ and outdoor dining areas
- Resident lounge
- Billiards and shuffleboard
- Fitness center
- Demo kitchen
- Bike storage
- Coworking space
- Pet spa
- Covered on-site parking and more
Along with mass transit options, the new The Point Woodbridge offers nearly direct access to Route 1, the New Jersey Turnpike and the Garden State Parkway.
Upon delivery, Avenue & Green emerged as one piece of Woodbridge’s ongoing efforts to redevelop downtown and other areas of the Middlesex County township. Beyond bringing activity to downtown and new housing options, the activity has also included repurposing obsolete sites, welcoming industrial development and public-project partnerships, like the Hackensack Meridian Health & Wellness Center at Metropark.
For New York-based multifamily owner and operator Pantzer, the acquisition marks its second in the tri-state area in 2026, after it closed on a Connecticut property over the summer.
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