10B — March 27 - April 9, 2015 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
M ultifamily /POA E xpo Plans underway for 180-unit apartment community adjacent to train station Prism signs purchase agreement for Woodbridge, NJ redevelopment site
W OODBRIDGE , NJ — Prism Cap- ital Partners has signed a definitive agreement to purchase a five-acre parcel at the corner of Rahway Ave. and Green St. inWoodbridge. Prism Capital Partners in- tends to develop the site, located directly across from NJ Transit’s Woodbridge Station, as a 180-unit multi- family rental community. The property, former home to the Lucas Chevrolet deal- ership, has been designated by the Township of Wood- bridge for redevelopment and
Pet friendly. The new gen- eration of multifamily commu- nity residents love their pets. Cats (30.4% US Households) and dogs (36.5%US Households) are their children in many ways, and many even build social me- dia pages for them. Pets have presented challenges and prob- lems to multifamily community owners in the past. However, the new multifamily communi- ties are more receptive to pets. Residents with pets are looking for proximity to dog parks and veterinarians as well as onsite amenities like doggie day care and pet grooming facilities. Iron- ically, residents with allergies to pets have spiked as well, so it has become very important to be very clear about pet friendly policies. Face-to-face socializing in shared areas . Social sharing is very important for the Mil- lennial generation. Just about every event in their lives, even their meals, finds its way to Instagram, Facebook, Twitter or other social media. The new social consumer is looking for communal spaces for sharing outside of social media. Al- though they spend a great deal of their lives online, these new consumers cherish the times when they can really connect with their neighbors. It is important to use a stra- tegic thinking approach to the future of multifamily com- munities. One important con- sideration is that within the next couple years, applicants for multifamily housing will have been born in the early 21st century. Therefore, NOW is the time to pay attention to the trends in multifamily communities and start prepar- ing for the planning, design and construction for the next generation so their acceptable living standards can and will be met! Glenn Ebersole is the stra- tegic vice president, busi- ness development/market- ing at Hollenbach Construc- tion, Inc. n Trends that will influence multi- family. . . continued from page 6B is located in the heart of its downtown. We look forward to providing the type of lux- ury, fully amenitized apart- ment community for which our company has become known.” n
is already zoned residential. Prism is purchasing a con- trolling interest in the site from the Lucas family, and currently is finalizing plans for township approval. The firm anticipates a late 2015 construction start. “This is an exciting project for us,” said Eugene Diaz , a principal partner with Prism Capital Partners. “Transit- oriented development is a red-hot sector of the com- mercial real estate market in New Jersey and nationwide. Woodbridge is experiencing a renaissance, and this project
Rahway Ave. and Green St.
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