Alfred Sanzari Leverages 1031 Deal to Buy Luxury Property in Cedar Grove
Earlier this year, Hackensack, NJ-based Alfred Sanzari Enterprises sold two garden-style apartment communities—Riverside Terrace in Bogota, NJ to the Tournambe Family and Queen Anne in Hackensack, N.J. to JC Realty—to leverage the successful 1031 exchange.
CEDAR GROVE, NJ— Alfred Sanzari Enterprises reports it has leveraged a 1031 exchange to acquire Zephyr Ridge, a 24-unit luxury apartment here from Garrubbo Properties.
Earlier this year, Hackensack, NJ-based Alfred Sanzari Enterprises sold two garden-style apartment communities—Riverside Terrace in Bogota, NJ to the Tournambe Family and Queen Anne in Hackensack, N.J. to JC Realty—to leverage the successful 1031 exchange to facilitate the purchase of Zephyr Ridge, which is located at 2-48 Grove Ave.
Built in 2018, Zephyr Ridge is a fully leased and consists of two, three-story residential buildings spanning 2.45 acres with a total of 34,400 square feet of net rentable residential area and 54 parking spaces.
“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 multi-family offerings,” says Ryan Sanzari, COO 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.”
Cushman & Wakefield’s New Jersey capital markets team orchestrated the Zephyr Ridge sale, represented Garrubbo Properties and procured Alfred Sanzari Enterprises. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and Mark Phillips headed the assignment.
Ranging in size from 1,200 to 1,700 square feet, the complex’s 24 two-bedroom, two-bathroom units each boast nine-foot ceilings, private garage parking, and high-quality finishes including stainless steel appliances, gas cooking, quartz countertops, hardwood floors and in-unit washers and dryers. The apartment community also offers amenities including an outdoor patio featuring a gazebo and grilling area, a resident lounge, storage units and a fitness center.
The Essex County property provides access to Routes 23 and 46 as well as Interstate 80 and the Garden State Parkway. Additionally, the property is located less than two miles from the Upper Montclair Rail Station which provides residents with a 40-minute direct commute to Manhattan.