Plans for The Residences at Joy Farms, a 162-unit age-restricted apartment complex at 731 Pascack Road in Paramus, call for three four-story buildings with a separate clubhouse. — Rendering courtesy: Hudson Atlantic Realty
By Joshua Burd
A developer has acquired nearly 10 acres in Paramus with approvals in place for 162 age-restricted apartments, according to a brokerage team with Hudson Atlantic Realty.
The property, located at 731 Pascack Road, sold for $9.25 million amid a plan that will transform the onetime home of a multigenerational family farm and garden center. Brokers noted that the project calls for three four-story luxury apartment buildings plus a separate clubhouse, likely complementing the new Brightview Joy’s Farm assisted living facility that’s under construction next door and slated to open in late 2026 or 2027.
Hudson Atlantic President Adam Zweibel represented the seller and procured the buyer of the shovel-ready, 9.877-acre tract.
“This off-market transaction required discretion, deep relationships and an intimate understanding of both the development community and the unique history of this site,” Zweibel said. “We are proud to have exclusively represented the seller and delivered a premium outcome on one of Paramus’s most recognizable properties. The new developer now holds the rare opportunity to deliver a trophy 55+ community in one of New Jersey’s premier submarkets, synergistically positioned with the new Brightview facility.”
Known as The Residences at Joy Farms, the new senior housing complex is slated to include 41 percent one-bedroom and 59 percent oversized two-bedroom units, Hudson Atlantic said. Future residents will enjoy amenities such as a yoga and exercise studio, a reading lounge, indoor and outdoor social spaces, a bar and kitchen area and 188 garage and surface parking spaces.
The brokerage firm, meantime, said the project “marks a meaningful evolution of a local landmark into modern senior housing” while honoring the legacy of the historic Joy Farm. Its location adjacent to the new Brightview facility will also create an integrated senior living campus offering everything from active adult independent living to assisted living, memory care and other services, enhancing appeal and value for future residents and investors alike.
Zweibel added that a key factor in the transaction was navigating the shared site work costs between the two adjacent developments. The seller’s portion of the costs, which total several million dollars, was carefully structured and reimbursed at closing, simplifying what could have been a highly complex deal point.
