Prism Capital Partners, LLC
200 Broadacres Drive
Bloomfield, NJ 07003
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Release Date: Monday, March 09, 2015
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Plans Underway for 180-Unit Apartment Community Adjacent to Train Station
WOODBRIDGE, N.J., March 9, 2015 – Prism Capital Partners has signed a definitive agreement to purchase a five-acre parcel at the corner of Rahway Avenue and Green Street in Woodbridge. Prism Capital Partners intends 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 dealership, has been designated by the Township of Woodbridge for redevelopment and is already zoned residential. Prism is purchasing a controlling 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," noted Eugene Diaz, a principal partner with Prism Capital Partners. "Transit-oriented development is a red-hot sector of the commercial real estate market in New Jersey and nationwide. Woodbridge is experiencing a renaissance, and this project is located in the heart of its downtown. We look forward to providing the type of luxury, fully amenitized apartment community for which our company has become known."
The Woodbridge purchase agreement announcement comes at a busy time for Prism Capital Partners and its multi-family activity in New Jersey. The firm is gearing up to launch construction for Phase II of Parkway Lofts in Bloomfield, which will include approximately 164 for-sale townhomes; Phase I, with 361 loft-style rental units, has surpassed 50 percent occupancy. Prism also expects to break ground this spring for Phase I of Edison Village in West Orange, focusing on the conversion of a 100-year-old factory complex into 331 rental apartments.
Based in Bloomfield and focused solely on the regional market, Prism is both an active investor – buying income-producing assets and undervalued properties – and a multi-faceted developer – implementing development and redevelopment opportunities utilizing its full in-house capabilities. The privately held owner/operator has orchestrated the repositioning of an impressive list of New Jersey properties and projects since its founding in 2002.