Avenue & Green Sells for $79M: Pantzer Buys Woodbridge, N.J., Multifamily Community From Prism Capital Partners and Northwestern Mutual

MORRISTOWN, N.J. — JLL Capital Markets announced Oct. 5 the $79 million sale of Avenue & Green, a 232-unit, transit-oriented luxury apartment community in Woodbridge, New Jersey. The property, located at 10 Green St., has been renamed The Point Woodbridge.

JLL represented the sellers, Prism Capital Partners and Northwestern Mutual, in the sale to Pantzer. The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli, Senior Director Elizabeth DeVesty, Director Austin Pierce and Senior Analyst CJ Anania.

Deal Details: $79 Million Woodbridge Multifamily Sale

The sale price equates to approximately $340,500 per unit, based on the $79 million consideration and 232 apartments. The figure is a calculation from the announced price and unit count and does not allocate value among the apartments, retail space, parking or other components.

The transaction is Pantzer's second acquisition in the tri-state area this year, following the July 2026 closing of The Point Stamford, a 641-unit property in Connecticut. Pantzer is a fully integrated owner/operator of multifamily assets along the Eastern Region of the United States and currently owns and manages approximately 13,000 units. The company invests through its private equity fund series, the Pantzer Strategic Real Estate Funds.

Prism Capital Partners focuses on the New Jersey, New York and Connecticut regional market, with investments across office, R&D, education, retail, industrial and residential sectors. The 24-year-old company, with its capital partners, has invested more than $1 billion in 20 projects totaling over 5 million square feet.

Property Profile: Avenue & Green in Woodbridge, New Jersey

Avenue & Green was completed in 2021. Marketing materials from April 2026 described the property as 97% occupied, with average in-place rents of $2,582 per month. The unit mix is 85% market-rate and 15% affordable. The property has 338 combined garage and surface parking spaces.

Amenities include a resort-style pool, landscaped courtyard, BBQ and outdoor dining areas, fire pit, resident lounge, billiards and shuffleboard, a fitness center, demonstration kitchen, bike storage, co-work space, pet spa and covered on-site parking.

The community also includes 10,000 square feet of fully leased retail space. Tenants include LeGrand Coffee House, Wonder and The UPS Store, along with additional service retailers. The property benefits from a 30-year PILOT program providing tax incentives, with approximately 25 years remaining when it was marketed for sale. The property reached the 50% leased milestone roughly 90 days after its 2022 launch.

Location: Transit Access and the Metropark/Route 1 Corridor

The property is steps from Downtown Woodbridge and NJ Transit's Woodbridge Train Station, which offers commuters access to Manhattan in 45 minutes. It has direct access to Route 1, the NJ Turnpike and the Garden State Parkway, with a 30-minute drive to the Jersey Shore and a 25-minute drive to Newark Airport.

The property sits within the Metropark/Route 1 Employment Corridor, which has a tenant base spanning healthcare, logistics, professional services and corporate headquarters.

"We're honored to have represented Prism Capital Partners and Northwestern Mutual in this successful transaction," said Cruz. "Avenue & Green represents an exceptional opportunity in a supply-constrained market. The property's prime location within the Metropark/Route 1 Employment Corridor, combined with its transit-oriented positioning and long-term PILOT benefits, attracted significant investor interest."

Market Context

The sale involves a relatively new multifamily property in a commuter market rather than an older value-add asset. The combination of 97% occupancy, fully leased ground-floor retail, a 2021 completion date and the remaining PILOT term are features buyers typically weigh when underwriting stabilized apartment assets. The affordable unit component and retail income are additional factors that distinguish the property from conventional apartment communities when comparing pricing.

For Pantzer, the Woodbridge purchase adds a New Jersey asset to a regional portfolio that now includes The Point Stamford. For Prism Capital Partners and Northwestern Mutual, the sale follows the property's lease-up and stabilization after its 2021 completion.

About JLL Capital Markets

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers, offering services that include investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity and fund placement, net lease, derivative advisory and energy and infrastructure advisory. The group has more than 3,000 specialists worldwide with offices in nearly 50 countries.

Sources

• JLL news release, Oct. 5, 2026: https://www.jll.com/en-us/newsroom/woodbridge-multifamily-community-sells-for-79m