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  • Writer's pictureMAREJ

Redwood Realty facilitates sale of two NJ multifamily complexes totaling $4 million

WOODBRIDGE, NJ — Redwood Realty Advisors announced the closing of two properties for a combined price of nearly $4 million. Investment associate Jeremy Wernick assisted in the sale of a 22-unit garden apartment complex in Woodbridge. The property sold for $2.55 million and a cap rate of 6.2%. “Jeremy worked diligently with the owner to not only market the property to potential buyers, but he also located a replacement property that would allow the buyer to conduct a tax-deferred 1031 exchange,” said Thomas McConnell, CCIM, managing partner at Redwood Realty. “In this case, the seller was very pleased with the end result that allowed him to transition out of New Jersey real estate and roll those proceeds into a new investment property in Florida.”

In addition, Redwood Realty director Steven Matovski and investment associate Saul Ramirez successfully closed the sale of a 19-unit garden apartment complex in Union City for $1.15 million. “This deal traded at an extremely compressed cap rate to an investor who recognized the future upside that exists for this property,” said McConnell. The neighborhood where this property is located is experiencing gentrification, which is having a positive impact on elevating market rents for local apartment owners, he adds.n

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