Alfred Sanzari Enterprises has completed a 1031 exchange and acquired a luxury apartment community in Cedar Grove, the real estate firm announced.
Hackensack-based Sanzari sold two garden-style apartment communities, Riverside Terrace in Bogota and Queen Anne in Hackensack, earlier this year as part of the exchange. The Tournambe family bought the Bogota property, while JC Realty bought the Hackensack property.
To conclude the exchange, Sanzari bought Zephyr Ridge, a 24-unit community at 2-48 Grove Ave., from Garrubbo Properties. The community, built in 2018, includes two three-story residential buildings with 24 two-bedroom units.
“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,” Ryan Sanzari, the firm’s chief operating officer, said in a prepared statement. “When we came across Zephyr Ridge, we were excited by the prospect of a stabilized asset that would enhance our multifamily offerings.”
Cushman & Wakefield’s Capital Markets team of Andrew Merin, David Berhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and Mark Phillips worked on the deal; they orchestrated the sale, represented the seller and procured the buyer.