Zephyr Ridge in Cedar Grove — Courtesy: Cushman & Wakefield
By Joshua Burd
Alfred Sanzari Enterprises has acquired a 24-unit luxury apartment community in Essex County as part of a newly completed 1031 exchange.
The real estate firm on Monday announced its purchase of the property at 2-48 Grove Ave. in Cedar Grove, also known as Zephyr Ridge, from Garrubbo Properties. Built in 2018, the fully leased complex consists of two three-story residential buildings spanning 2.45 acres, with 54 parking spaces and several amenities.
The deal marks the completion of a 1031 exchange involving two garden apartment complexes. Earlier this year, Sanzari inked the sale of Riverside Terrace in Bogota to the Tournambe Family and Queen Anne in Hackensack to JC Realty.
Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and Mark Phillips represented Garrubbo Properties in the sale of Zephyr Ridge and procured Alfred Sanzari Enterprises as the buyer.
“With a diverse multifamily portfolio of over 500 units across northern and central New Jersey, we are always searching for opportunities that align with our investment strategy. When we came across Zephyr Ridge, we were excited by the prospect of a stabilized asset that would enhance our multifamily offerings,” said Ryan Sanzari, chief operating officer at Alfred Sanzari Enterprises. “The community’s ideal location, high-end fixtures and array of amenities presented us with a unique opportunity to upgrade our multi-family portfolio and capitalize on a hot multifamily market.”
In a news release Monday, Sanzari touted Zephyr Ridge’s access to routes 23 and 46, along with Interstate 80 and the Garden State Parkway. Amenities include an outdoor patio featuring a gazebo and grilling area, a resident lounge, storage units and a fitness center.