Garwiid Sells 36-Unit Apartment Complex for $6.6 Million
A 36-unit apartment complex in Garwood, New Jersey, has been sold for $6.6 million. The deal was brokered by The Kislak Company, a prominent real estate firm.
Details of the Sale
Stephanie Gardens, located at 72 Third Avenue, was sold by Garwood Associates, LP to Garwood Gardens, LLC. The sale was facilitated by Kislak’s President, Robert Holland, and Managing Director, Jeff Squires. Squires commented on the property’s appeal due to its favorable location and strong future potential.
Reasons for the Sale’s Success
- Strategic location within 22 miles of New York City.
- High demand led to multiple competitive offers.
- The complex sold for above its asking price with minimal contract contingencies.
Property Features
The building, constructed in 1973, is a three-story brick garden-style complex. It boasts:
- 32 one-bedroom apartments
- 4 two-bedroom apartments
- A laundry room
- An exercise facility
- Garages available for rent
The new owner is expected to continue renovations on the property, further enhancing its value in the competitive Garwood real estate market.
