A premier luxury apartment community in the heart of Middlesex County has changed hands in a major multi-million-dollar real estate deal. JLL Capital Markets announced on Monday the $79 million sale of Avenue & Green, a 232-unit transit-oriented property located at 10 Green St. in Woodbridge.
Following the transaction, the property has been officially renamed The Point Woodbridge.
JLL represented the sellers—Prism Capital Partners and Northwestern Mutual—in the deal, successfully transferring ownership to the buyer, Pantzer. This acquisition marks Pantzer’s second major multi-family purchase in the tri-state area this year, following its July acquisition of the 641-unit The Point Stamford in Connecticut.
Prime transit-oriented location
Completed in 2021, Avenue & Green sits steps away from Downtown Woodbridge and the NJ Transit Woodbridge Train Station, offering commuters a direct, 45-minute ride to Manhattan. The property also boasts immediate access to major regional thoroughfares, including Route 1, the New Jersey Turnpike, and the Garden State Parkway. Residents enjoy a convenient 30-minute drive to the Jersey Shore and a 25-minute trip to Newark Liberty International Airport.
Furthermore, the luxury complex is strategically positioned within the booming Metropark/Route 1 Employment Corridor, which draws a diverse tenant base spanning healthcare, logistics, professional services, and corporate headquarters.
High-end amenities and retail mix
The 232-unit community features a robust suite of modern amenities designed for upscale suburban living, including:
- A resort-style pool and landscaped courtyard
- Outdoor BBQ and dining areas with a fire pit
- A state-of-the-art fitness center and demonstration kitchen
- A resident lounge equipped with billiards and shuffleboard
- Dedicated co-working spaces, bike storage, and a pet spa
- Covered on-site parking
The property also integrates convenience at street level with 10,000 square feet of fully leased retail space. Current commercial tenants include LeGrand Coffee House, Wonder, The UPS Store, and other neighborhood service providers. Additionally, the development benefits from a long-term 30-year PILOT (Payment in Lieu of Taxes) program, offering significant tax incentives that heavily drew investor interest.
“We’re honored to have represented Prism Capital Partners and Northwestern Mutual in this successful transaction,” JLL Senior Managing Director Jose Cruz said. Cruz led the capital markets investment sales and advisory team alongside Mike Oliver, Steve Simonelli, Elizabeth DeVesty, Austin Pierce, and CJ Anania.
“Avenue & Green represents an exceptional opportunity in a supply-constrained market,” Cruz added. “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.”
