The Kislak Co., Inc. recently facilitated the sale of Redwood Apartments, a newly constructed 16-unit luxury apartment building located at 208 Redwood Avenue in Paterson, New Jersey. The property sold for $4,250,000.
Kislak marketed the property exclusively, with Executive Vice President Joni Sweetwood representing the seller, Redwood Apartments, LLC. Senior Vice President Robert Squires procured the buyer, Redwood AMG, LLC.
Redwood Apartments is a three-story, elevator-equipped building featuring 16-market-rate units above covered, assigned parking spaces. The unit mix includes two studio- one-bath apartments, six one-bedroom/one-bath apartments, and eight two-bedroom/two-bath apartments. Each unit is fitted with high-end finishes, including quartz kitchen countertops, Samsung appliances, GE in-unit washers and dryers, premium bathroom fixtures, walk-in closets, keyless entry, video intercom, and access control.
“This was an attractive investment opportunity due to the property’s quality construction, upscale finishes, strong rental market, and 30-year PILOT program,” said Sweetwood.,
“The buyer was eager to add this property to their portfolio given its prime location near the Totowa border. The sale price of $265,625 per unit reflects the strength of the local market for high-quality apartment buildings,” said Squires.
A top producer at Kislak since joining in 1996, Sweetwood has closed more than $1.3 billion in investment sales and has received numerous industry accolades, including multiple Producer of the Year and Sales Transactions awards.
Squires, who joined Kislak in 2003, specializes in the sale of multifamily and other investment properties throughout New Jersey. Consistently ranked among the firm’s top producers, he has been recognized with multiple awards, including Kislak’s Sima Kislak Jelin Salesperson of the Year in 2016 and 2017, as well as the company’s Producer of the Year award in 2017 and 2024.
