What's Happening?
Kislak, a commercial real estate firm, has announced the sale of Stephanie Gardens, a 36-unit multifamily property located at 72 3rd Ave. in Garwood, Union County, for $6.6 million. The property, built in 1973, features a three-story brick garden complex
with 32 one-bedroom and four two-bedroom apartments. It includes amenities such as carpeted floors, individual AC units, microwave appliances, a laundry room, exercise room, and garages available for rent. The sale was managed exclusively by Kislak on behalf of the longtime owner, Garwood Associates. The property was highly sought after due to its favorable location and potential for future development, leading to several competitive offers and a sale above the asking price.
Why It's Important?
The sale of Stephanie Gardens highlights the ongoing demand and investment potential in the Union County real estate market. The transaction underscores the attractiveness of well-maintained properties in desirable locations, which can command premium prices. This sale may encourage further investment in the area, potentially leading to increased property values and economic growth. The new owner's plans to continue renovations could enhance the property's appeal, contributing to the local community's development and possibly attracting more residents and businesses to the area.
What's Next?
The new owner of Stephanie Gardens plans to undertake further renovations, which could improve the property's value and appeal. This may lead to increased rental prices and attract a higher-income tenant base. The continued development of such properties could stimulate local economic activity, potentially influencing other property owners to invest in upgrades and improvements. Stakeholders in the real estate market will likely monitor this development closely, as it may set a precedent for future transactions in the region.
