Prism Capital Partners has acquired a 33-acre site in Woodland Park, New Jersey, previously used as a corporate campus, with zoning approval for up to 400 residential units. This development opportunity is notable for its prime location near major transportation routes, including Interstate 80 and routes 46 and 3.
The property, located at 385 Rifle Camp Road, offers views of the New York City skyline and convenient access to local schools, shopping centers, and recreational spaces. Garret Mountain Reservation, with over 300 acres of parkland, is also nearby, enhancing the site’s appeal for future residents.
The transaction was facilitated by JLL, with Jose Cruz, Jeremy Neuer, and Ryan Robertson representing the seller. The financial terms of the deal have not been disclosed.
Edwin Cohen, a principal partner at Prism Capital Partners, emphasized the strategic value of the acquisition. “In light of New Jersey’s ongoing housing shortage, this site presents a unique opportunity to convert a former corporate campus into much-needed residential housing,” Cohen commented. “We believe the location is ideal for creating new homes, including affordable housing, that will benefit the community in Passaic County.”
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By Proptechbuzz
By Ravi Kumar
