Greenway Village in Metuchen — Courtesy: Alfred Sanzari Enterprises
By Joshua Burd
Alfred Sanzari Enterprises has acquired a newly built 49-unit apartment complex in Metuchen, expanding the company’s reach in the central New Jersey residential market.
The Hackensack-based real estate firm purchased Greenway Village, located at 398-400 Amboy Ave., from Greenway Village LLC and Aros Investments LLC. Terms were not disclosed.
In a news release Friday, Sanzari said the acquisition gives it “a new presence in one of the premier submarkets in New Jersey.” The complex was built in 2016 and is nearing full occupancy, featuring spacious one-bedrooms with high-end finishes and a location less than a half-mile from the Metuchen train station.
Lauren Rose Federgreen of Rose Real Estate LLC represented both the buyer and sellers in the deal.
“This asset is an exciting addition to our multifamily portfolio,” Ryan Sanzari, Alfred Sanzari Enterprises’ chief operating officer, said in a prepared statement. “We are a developer, owner and manager, and retain our real estate holdings for the long term.
“Greenway represented a unique opportunity to acquire a brand new asset strategically located in an area where multifamily housing is in high demand. The combination of amenities has proven to be extremely attractive to renters in this marketplace.”
Federgreen noted the long-term prospects for downtown Metuchen, where a new retail center anchored by a Whole Foods is nearing completion nearby. Also under construction is a new 273-unit apartment project by Woodmont Properties.
“This is a very desirable asset,” Federgreen said. “With its high-quality construction, amenities, proximity to the Metuchen train station and the borough’s downtown, Greenway Village had a tremendous amount of investor interest. The leasing momentum Greenway Village has experienced supports the strong rental demand and desirability in this area.”