Avenue & Green Half Leased, Raises Rents From Sept. Opening

WOODBRIDGE, NJ — Avenue & Green just started leasing in September and the new luxury apartment building in the heart of Woodbridge proper is already half occupied, according to the developer.

Avenue & Green, the 232-unit complex at the corner of Rahway Avenue and Green Street, reached 50 percent leased less than three months after opening — which shows there is strong demand for rental units in Woodbridge, said developer Prism Capital Partners.

The apartment complex, which features an in-house gym and pool, is also just steps away from the Woodbridge NJ Transit station. The developer seeks to attract NYC commuters to move to Woodbridge.

Avenue & Green is not without controversy, however: Built on the site of the old Lucas Chevrolet dealership, some longtime Woodbridge residents say high-density apartment buildings like this are making traffic worse, and turning Woodbridge from a town into a city.

Monthly rents at Avenue & Green have also now increased: $1,815 for a studio (it was $1,695 when they first opened in September), $2,000 for a one-bedroom (it was $1,895) and $2,640 (it was $2,345) for a two-bedroom apartment, after current incentives that include up to two months free.

“The pace of leasing at Avenue & Green has been nothing short of incredible,” said Robert Fourniadis, a vice president at Prism. “This one-of-a-kind community is attracting interest from a wide demographic. We are seeing renters of all ages and diverse income levels coming from the local region as well as out of state.”

There will be street-level retail in the complex. So far, the only two stores that signed leases to move in are Avenel native Eric LeGrand's Coffee House and The UPS Store, but the developer says "additional contracts are in the works."

Prior: Eric LeGrand To Open Coffee Shop By Woodbridge Train Station

UPS Store Coming To Downtown Woodbridge This Spring

Nutley-based Prism Capital Partners is the same develop behind Dunellen Station, a mixed-use, transit-oriented apartment community; Wonder Lofts, the industrial-to-multifamily adaptive reuse of the former Wonder Bread factory in Hoboken; and Edison Lofts, the industrial-to-multifamily-and-retail redevelopment of the historic Thomas Edison Invention Factory and Commerce Center in West Orange.

First Patch report: 232 Apartments May Be Coming Next To Woodbridge Train Station (Aug. 2018)

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