A 36-unit apartment complex in Garwood has sold for $6.6 million, according to The Kislak Company, which brokered the sale.
Stephanie Gardens at 72 Third Avenue was sold by longtime owner Garwood Associates, LP to Garwood Gardens, LLC.
The transaction was handled by Kislak, with President Robert Holland and Managing Director Jeff Squires representing the seller and also procuring the buyer.
“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,” Kislak managing director Jeff Squires said in a statement. “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 three-story brick garden-style complex features 32 one-bedroom apartments and four two-bedroom units. The property includes amenities such as a laundry room, exercise facility, and garages available for rent.
The property is 22 miles from New York City. The new owner reportedly plans to continue renovation work on the building.
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