Commercial and residential real estate firm Alfred Sanzari Enterprises will acquire Zephyr Ridge in Cedar Grove.
Alfred Sanzari said Oct. 7 it leveraged a 1031 exchange to obtain the 24-unit apartment community at 2-48 Grove Ave. from Garrubbo Properties. Earlier in 2019, the Hackensack-based firm said it sold two garden-style apartment communities – Bogota’s Riverside Terrace to the Tournambe Family and Queen Anne in Hackensack to JC Realty – to leverage a successful 1031 exchange.
The sale was arranged by the Cushman & Wakefield New Jersey capital markets team, according to Alfred Sanzari. The Cushman team also represented Garrubbo Properties and procured Alfred Sanzari as part of the deal. The assignment was led by Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and Mark Phillips.
Built in 2018, the fully-leased Zephyr Ridge community features two, three-story residential buildings across 2.45 acres with 34,400 square feet of net rentable area and 54 parking spaces. The 24 two-bedroom two-bathroom units range from 1,200 to 1,700 square feet and the community features amenities including an outdoor patio with gazebo and grilling area, resident lounge, storage units and fitness center.
“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, chief operating officer at Alfred Sanzari Enterprises, in a prepared statement. “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.”