Kislak sells Stephanie Gardens in Union County, NJ for $6.6 Million

Garwood, NJ — The Kislak Company, Inc. announced the recent sale of Stephanie Gardens, a 36-unit multifamily property at 72 3rd Ave. in Garwood, Union County, New Jersey, 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, LP. They also procured the purchaser, Garwood Gardens, LLC. Kislak previously sold several other multifamily properties for the owner in nearby Summit and Cranford.

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 4 two-bedroom apartments. Well-maintained interiors include carpeted floors, ample light, individual AC units and microwave appliances with a pretty, cleanly-landscaped exterior. Amenities include laundry room, exercise room and garages available for rent with smoothly paved access.

Minutes from Westfield, the property is set in the midst of many eateries and parks of Garwood, and is just blocks from the nearest bus stop, middle school, supermarket, and the town train station. As a suburb of NYC, only 22 miles away by car, Garwood is attractive to young professionals and families and offers a strong public school system.

The new owner plans to further improve the building by continuing with various renovations.