Stephanie Gardens at 72 3rd Ave. in Garwood — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The longtime owner of a 36-unit apartment building in Garwood has sold the property for $6.6 million, brokers with The Kislak Co. Inc. announced this week.
The listing team said the complex, located at 72 3rd Ave., is a three-story brick structure with a mix of one- and two-bedroom homes. A buyer listed as Garwood Gardens LLC now plans to continue with renovations at what’s known as Stephanie Gardens, which was built in 1973, seeking to leverage its location minutes from Westfield and 22 miles from Manhattan.
Kislak President Robert Holland and Managing Director Jeff Squires represented the seller, Garwood Associates LP, and procured the buyer. The brokerage firm has also sold several multifamily properties for the client 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,” Squires said. “We were able to quickly generate several competitive offers and the property ultimately sold above asking price with minimal contract contingencies.”
According to a news release, the complex also has what Kislak described as well-maintained interiors and a cleanly landscaped exterior. Amenities include a laundry room, an exercise room and garages available for rent with smoothly paved access, while renters are close to Garwood’s many eateries and parks, as well as a bus stop, a middle school, a supermarket and the borough’s train station.
