The Station at Netherwood at 1008-1014 South Ave. in Plainfield — Courtesy: IPRG
By Joshua Burd
A developer has tapped Investment Property Realty Group to sell a newly completed, 42-unit apartment building across from NJ Transit’s Netherwood station in Plainfield.
According to the listing team, The Station at Netherwood is fully leased after opening last year at 1008-1014 South Ave. The collection of one- and two-bedroom homes also benefits from a 30-year payment in lieu of taxes agreement with the city, IPRG said, adding to the appeal for renters and prospective investors seeking an entry to the fast-growing residential submarket.
“The Station at Netherwood is a newly constructed, fully stabilized asset in one of Union County’s most dynamic and transit-accessible corridors,” said Yanni Marmarou, managing director of IPRG, who is marketing the property alongside the firm’s Jack Drillock. “With direct-across-the-street access to NJ Transit, this is an exceptional opportunity for investors seeking stability, growth and connectivity.”
Occupying a nearly one-acre lot, the five-story property has resident amenities such as a gym, a lounge, bike storage, a roof deck and secure tenant storage, along with 48 dedicated parking spaces, including 12 in a covered garage and 36 in a surface lot. The building also has 1,456 square feet of ground-floor retail space, which has a long-term lease.
Located on NJ Transit’s Raritan Valley Line, the Netherwood station provides easy commuter access to New York City and the broader metro area, IPRG said. The firm added that South Avenue has emerged as a focal point for urban revitalization and development in Plainfield, with more than 10 multifamily projects completed, under construction or planned since 2020.
