Redwood Apartments at 208 Redwood Ave. in Paterson — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has acquired a new 16-unit luxury apartment building in Paterson for $4.25 million, in a deal arranged by The Kislak Co. Inc.
The brokerage firm’s Joni Sweetwood represented the seller, Redwood Apts. LLC, in the transaction at 208 Redwood Ave., noting that the three-story elevator building has a mix of luxury studio, one-bedroom and two-bedroom units over covered, assigned parking spaces. Robert Squires, also of Kislak, procured the buyer, Redwood AMG LLC.
“This was an attractive opportunity for area investors given the quality construction with high-end finishes, market-rate units, strong rental market and 30-year PILOT program,” said Sweetwood, an executive vice president with Kislak, referring to a payment in lieu of taxes agreement.
Squires, a senior vice president, added: “The purchaser was eager to add the property to its portfolio given the property’s strong location near the Totowa border. The $265,625 price per unit signifies the strength of the local market for quality apartment buildings.”
