By Joshua Burd
Redwood Realty Advisors has closed the sale of two garden apartment properties for a combined price of nearly $4 million, the brokerage firm announced Monday.
In the first deal, Investment Associate Jeremy Wernick assisted in the sale of a 22-unit garden apartment complex in Woodbridge, the Hasboruck Heights-based firm said in a news release. The property sold for $2.55 million.
“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,” Thomas McConnell, managing partner at Redwood Realty, said in a prepared statement. “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 the second deal, Director Steven Matovski and Investment Associate Saul Ramirez closed the sale of a 19-unit garden apartment complex in Union City for $1.15 million. McConnell said the market for apartment properties in the area has improved recently due to gentrification in the surrounding neighborhood.
“This deal traded at an extremely compressed cap rate to an investor who recognized the future upside that exists for this property,” McConnell said.