Prism Capital Partners has expanded its portfolio with the purchase of a 33-acre former corporate campus at 385 Rifle Camp Road in Woodland Park, New Jersey. The property is a redevelopment play, with in-place zoning approval for up to 400 multifamily units with a 20% affordable housing set-aside, according to Prism’s Edwin Cohen, principal partner.
JLL team members Jose Cruz, Jeremy Neuer and Ryan Robertson represented the seller; terms of the transaction were not disclosed.
“At a time when New Jersey is facing a severe housing shortage, we were attracted by the opportunity to repurpose a former suburban corporate campus in an outstanding location,” Cohen said. “This is an absolutely gorgeous property, and we look forward to its next chapter, one that ultimately will provide Passaic County with a significant number of new residences, including a generous affordable housing component.”
Nutley, N.J.-based Prism Capital Partners targets the adaptive re-use and repurposing of excess corporate facilities and turn-of-the-century industrial buildings, as well as new, ground-up construction. Its recently delivered Garden State multifamily properties include Wonder Lofts in Hoboken, The Nell in Dunellen, Avenue & Green in Woodbridge and Edison Lofts in West Orange.
