The Kislak Company, Inc. announced the recent sale of Stephanie Gardens, a 36-unit multifamily property at 72 3rd Ave. in Garwood, for $6.6 million.
Kislak marketed the property on an exclusive basis with President Robert Holland and Managing Director Jeff Squires handling the assignment on behalf of the longtime owner, Garwood Associates. They also procured the purchaser, Garwood Gardens.
Remarking on the unique aspects of this transaction, Squires said, “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. We were able to quickly generate several competitive offers and the property ultimately sold above asking price with minimal contract contingencies.”
Built in 1973, the property consists of a three-story brick garden complex with 32 one-bedroom, and four two-bedroom apartments. The interiors have carpeted floors, ample light, individual AC units and microwave appliances.
Minutes from Westfield, the property is a few blocks from the nearest bus stop, middle school, supermarket, and the town train station. As a suburb of New York City, only 22 miles away by car, Garwood is attractive to young professionals and families. The new owner plans to further improve the building by continuing with various renovations.
