What's Happening?
Commercial real estate firm Kislak 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, an exercise room, and garages available for rent. The property was marketed exclusively by Kislak on behalf of the longtime owner, Garwood Associates. According to Kislak Managing Director Jeff Squires, the property was highly desirable 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 for multifamily properties in Union County, reflecting a robust real estate market in the area. The transaction underscores the attractiveness of well-maintained properties with potential for further development, which can drive up property values and stimulate local economic growth. For investors, this sale represents an opportunity to capitalize on the growing demand for rental housing in desirable locations. The new owner's plans to continue renovations could further enhance the property's value and appeal, potentially attracting more residents and contributing to the local economy.
What's Next?
The new owner of Stephanie Gardens plans to undertake further renovations, which could increase the property's market value and attract more tenants. This development may prompt other property owners in the area to consider similar upgrades to remain competitive. Additionally, the sale could inspire further investment in the local real estate market, potentially leading to more transactions and developments in Union County. Stakeholders, including local businesses and residents, may benefit from increased economic activity and improved housing options.
