Prism Capital Partners has expanded its portfolio with the purchase of a 33-acre former corporate campus on Rifle Camp Road in Woodland Park with intent for a multifamily development.
Located at 385 Rifle Camp Road, the property is an ideal 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; the 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 has a proven track record of creating value through select real estate investments and developments. The privately held firm is among New Jersey’s most active and respected developers, targeting 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, award-winning Garden State multifamily properties include Wonder Lofts in Hoboken, The Nell in Dunellen, Avenue & Green in Woodbridge and Edison Lofts in West Orange.
To date, the 22-year-old company, with its capital partners, has invested more than $1 billion in 20 projects totaling over 5 million square feet.
