Avenue & Green at 10 Green St. in Woodbridge — Courtesy: JLL
By Joshua Burd
A well-known luxury apartment building in Woodbridge is on the market for sale, in an offering that comes just a few years after the project helped transform a key downtown intersection.
Brokers with JLL have listed the 232-unit property at 10 Green St., also known as Avenue & Green, touting its location just across from NJ Transit’s Woodbridge station. Developed by Prism Capital Partners, the complex includes a unit mix that is 85 percent market-rate and 15 percent affordable, plus nearly 11,000 square feet of ground-floor retail space that’s fully leased to multiple tenants and a combined 338 garage and surface parking spaces.
JLL’s Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty, Austin Pierce and CJ Anania lead the marketing team for Avenue & Green, which has a payment in lieu of taxes agreement in place with 25 years remaining, with support from debt brokers Thomas E. Didio Jr. and Gerard Quinn. They added that the property, which has been “institutionally developed and managed,” is 97 percent occupied with in-place rents averaging $2,582 per month.
Residents, meantime, are minutes from Route 1, the New Jersey Turnpike and the Garden State Parkway, while they’re steps from commuter rail service that provides a 45-minute ride to Manhattan. Also nearby is the township’s Metropark district that’s home to a host of employers in the health care, logistics, professional services and other corporate sectors.
On-site amenities include a resort-style pool and landscaped courtyard, private grilling and dining areas, a demonstration kitchen and a modern fitness center, JLL said. The property’s retail space is home to Legrand Coffee House, Wonder and The UPS Store, among other tenants.
Historic buildings, untapped downtowns driving growth of Prism residential platform
