Alfred Sanzari Enterprises Enhances Multi-Family Portfolio with Acquisition of Cedar Grove, N.J. Luxury Apartment Community
Alfred Sanzari Enterprises announces they have leveraged a 1031 exchange to acquire Zephyr Ridge, a 24-unit luxury apartment community located at 2-48 Grove Avenue in Cedar Grove, N.J. from Garrubbo Properties. Earlier this year, Alfred Sanzari Enterprises sold two garden-style apartment communities – Riverside Terrace in Bogota, N.J. to the Tournambe Family and Queen Anne in Hackensack, N.J. to JC Realty – to leverage a successful 1031 exchange.
Newly constructed in 2018, Zephyr Ridge is a fully leased apartment community consisting 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. Ranging in size from 1,200 to 1,700 square feet, the complex’s 24 spacious two-bedroom, two-bathroom units each boast 9’ 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 premier amenities including an outdoor patio featuring a gazebo and grilling area, a resident lounge, storage units and a fitness center.
Situated in the heart of Essex County, Zephyr Ridge provides easy access to major commuting highways including Routes 23 and 46 as well as Interstate 80 and the Garden State Parkway. Additionally, the property is ideally located under two miles from the Upper Montclair Rail Station which provides residents with a quick, 40-minute direct commute to Manhattan.
“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,” said 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. The team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn.