Stephanie Gardens in Garwood, Union County, sold for $6.6 million. The deal for the 36-unit multifamily garden community located at 72 3rd Avenue was overseen by The Kislak Company, Inc.
President Robert Holland and Managing Director Jeff Squires of Woodbridge-based Kislak marketed the Garwood property. handling the exclusive sale on behalf of the owner, Garwood Associates, LP. The team additionally procured the buyer, Garwood Gardens, LLC. Kislak has overseen other multifamily property sales for the owner in nearby Summit and Cranford.
“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,” commented Kislak’s Squires. “We were able to quickly generate several competitive offers and the property ultimately sold above asking price with minimal contract contingencies.”
Dating back to 1973, Stephanie Gardens is a brick, three-story community comprising 32 one-bedroom, and 4 two-bedroom apartments. The building has been well-maintained inside and out. The units include air conditioning, carpeted floors and microwave appliances. The well-lit apartments look out on smartly landscaped grounds. Residents enjoy laundry facilities, exercise room, and garages for rent. The new owner plans to renovate and update the building.
The apartment complex is minutes from Westfield and is surrounded by Garwood’s restaurants, parks, strong public schools, and grocery stores. The community offers easy access to public transportation and all nearby highways.
