Redwood Realty inks three apartment sales for $6.5 million

November 24, 2015

Hasbrouck Heights, NJ — Redwood Realty Advisors congratulates associates Michael Scrima and Jeremy Wernick in successfully brokering the sale of three separate New Jersey apartment properties. Combined, the three garden-style properties included 49 units and a total price of $6.5 million.

“Michael and Jeremy were able to leverage the strong buyer demand and the attractive attributes of each market and asset to get a very positive outcome for our clients,” said Kevin McCrann, managing partner at Redwood Realty Advisors. “

 All three of the properties garnered an incredible amount of buyer interest and traded for very favorable pricing.”Dumont, NJ: This 22-unit property was owned by the same family for more than 40 years and is located in a market where very few properties come to market. The property sold for $3.025 million and a cap rate of 5.9%.Palisades Park, NJ: This 11-unit property is located in a high barrier to entry location in Bergen County. The significant upside in rents helped it to achieve a high price per unit price at $184,000. The property sold for $2.025 million and a cap rate of 5.7%.Belleville, NJ: This 16-unit property is a well-maintained garden complex that is close to major transportation. The property sold for $1.467 million and a cap rate of 6.5%.

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