October 9, 2019
Alfred Sanzari Enterprises leveraged a 1031 exchange to acquire Zephyr Ridge, a 24-unit luxury apartment community in Cedar Grove, NJ, from Garrubbo Properties. The purchase price wasn’t disclosed. Earlier this year, Sanzari sold two garden-style apartment communities in Bergen County to leverage a successful 1031 exchange.
Newly constructed in 2018, Zephyr Ridge is fully leased. “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,” said Sanzari COO Ryan Sanzari. “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 New Jersey capital markets team orchestrated the Zephyr Ridge sale, represented Garrubbo Properties and procured Sanzari as buyer. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and Mark Phillips headed the assignment.
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