Alfred Sanzari Enterprises Acquires Newly Constructed, 49-Unit Greenway Village in Metuchen, New Jersey
METUCHEN, N.J., Dec. 2, 2016 – Hackensack-based Alfred Sanzari Enterprises has bolstered its residential portfolio with the acquisition of Greenway Village (Greenway), a newly constructed 49-unit apartment complex in Metuchen, New Jersey. The purchase in the Middlesex County community expands the company’s reach with a new presence in one of the premier submarkets in New Jersey. Lauren Rose Federgreen of Rose Real Estate LLC represented both the buyer and sellers, Greenway Village LLC and Aros Investments LLC, in the transaction. This is the fourteenth transaction Rose Real Estate LLC has closed since opening its doors in February 2015.
Built in 2016, Greenway is nearing full occupancy. The complex features spacious one-bedroom apartments with nine-foot ceilings, recessed lighting, hardwood flooring and decorative crown molding. Kitchens and bathrooms boast high-end granite countertops, stainless-steel appliances and ceramic tile. Each residence also includes a washer/dryer, walk-in closets and individually controlled heat and air conditioning, and residents benefit from ample on-site parking.
The property is ideally situated within walking distance of NJ Transit’s Metuchen Train Station, providing direct service to New York City’s Penn Station on the Northeast Corridor Line. It is also just minutes away from the Metropark Amtrak Station in Iselin. At the same time, residents have access to local NJ Transit bus service within the borough.
“This asset is an exciting addition to our multifamily portfolio,” said Ryan Sanzari, Alfred Sanzari Enterprises’ chief operating officer. “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.”
Municipality Recognized for Smart Growth
“This is a very desirable asset. 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,” said Federgreen.
Metuchen’s burgeoning downtown with its many shopping and dining options has been recognized for its strong focus on revitalizing its town center. In fact, the non-profit organization, New Jersey Future, recognized the Borough of Metuchen for its strong focus on revitalizing its walkable downtown. The Borough has shown itself to be a leader in smart growth and a model for other towns according to the group.
Greenway is less than two miles from major roadways including the New Jersey Turnpike, the Garden State Parkway, I-287, and routes 1 and 27. Metuchen also is home to numerous parks and recreational facilities, and the acclaimed Forum Theatre Cultural Arts Center.