The Kislak Company on Wednesday announced the sale of Stephanie Gardens, a 36-unit multifamily property located at 72 3rd Avenue in Garwood, Union County, for $6,600,000.
Kislak marketed the property exclusively, with President Robert Holland and Managing Director Jeff Squires handling the assignment on behalf of the longtime owner, Garwood Associates, LP. Holland and Squires also procured the purchaser, Garwood Gardens, LLC. Kislak had previously handled the sale of several other multifamily properties for the owner in nearby Summit and Cranford.
The property’s sale price exceeded its asking price, which Kislak attributed to its desirable location and strong market fundamentals.
“Stephanie Gardens, owned, managed and immaculately maintained by the same owner for several decades, was an incredibly desirable property due to its favorable location and future potential,” said Mr. Squires. “We were able to quickly generate several competitive offers and the property ultimately sold above asking price with minimal contract contingencies.”
The property, built in 1973, is a three-story brick garden complex featuring 32 one-bedroom and 4 two-bedroom apartments. Residents benefit from amenities including a laundry room, exercise room, and available garage rentals.
Located just minutes from Westfield, the Garwood property is set amid various eateries and parks and is blocks from the nearest bus stop, supermarket, and town train station. Its Union County address and strong public school system make it highly attractive to young professionals and families, as Garwood is a popular suburb only 22 miles from New York City.
The new owner, Garwood Gardens, LLC, plans to continue improving the building through various renovations.
