Construction Starts On Affordable 55+ Housing On Rahway Avenue In Avenel

WOODBRIDGE, NJ — A groundbreaking was held Friday for Peterson Commons, the affordable housing complex that will be built on Rahway Avenue in Avenel.

The building will house 60 apartments, all rentals, and it will be all affordable senior housing, for adults 55+. A preference will be given to veterans who served in the U.S. military. The developer is Pennrose, and here is an an interest form on their website for those looking to lease: https://www.pennrose.com/apartments/new-jersey/petersen-commons/

Friday was the groundbreaking; construction will start soon. It's going up at 1440 Rahway Avenue, next to the Greens in Avenel, a similar affordable housing building that was also built by Pennrose. The Greens at Avenel opened in 2019 and consists of 101 affordable apartments for families and individuals with special needs.

New Jersey Gov. Mikie Sherrill attended Friday's groundbreaking, joined by Tim Henkel, the CEO of Pennrose, NJ Assembly Speaker Craig Coughlin and Woodbridge Mayor John McCormac, among others.

It is expected to be completed in the spring of 2027.

The building is named in honor of Avenel resident Carl Petersen, a veteran of the U.S. Navy and Medal of Honor recipient.

The three-story building will feature one- and two-bedroom units available at 30% to 60% of the Area Median Income (AMI), ensuring a wide range of affordability. Construction is financed through 4% Low-Income Housing Tax Credits (LIHTC), Affordable Housing Production Funds provided by the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and ASPIRE credits provided by the New Jersey Economic Development Authority (NJEDA).

Hudson Housing Capital serves as the syndicator and JP Morgan Chase is the investor for both the LIHTC and ASPIRE credits.

The building will have a community room, common laundry facilities, resident parking, and on-site management and maintenance space. Of the 60 units, three will be accessible for residents with physical disabilities and two will be outfitted for residents with hearing and visual impairments. All apartments will be fully adaptable.

“Today’s groundbreaking at Petersen Commons represents our commitment to ensuring every New Jerseyan — especially those who have served our country — can age with dignity in a safe, affordable place to call home,” said Governor Sherrill.

Pennrose is an affordable housing builder in New Jersey and the Northeast. "Breaking ground on Petersen Commons is a proud moment for our team and for the Avenel community,” said Pennrose CEO Henkel. “This development reflects our core beliefs at Pennrose — the power of strong public-private partnerships, the importance of serving those who have given so much to our country, and the difference that high-quality, affordable housing can make in people's lives."