In a significant Union County real estate transaction, Stephanie Gardens Apartments, a 36-unit multifamily garden community in Garwood, changed hands for $6.6 million. The property, located at 72 3rd Avenue, was sold through the efforts of The Kislak Company, Inc., a Woodbridge-based firm specializing in multifamily real estate.
The sale was led by President Robert Holland and Managing Director Jeff Squires, who handled the exclusive listing on behalf of the long-time owner, Garwood Associates, LP, and successfully secured Garwood Gardens, LLC as the buyer. The Kislak team has a long-standing relationship with the property owner, having managed sales of other multifamily communities in nearby Summit and Cranford.
“Stephanie Gardens has been immaculately maintained by the same owner for decades, making it an exceptionally desirable property,” said Squires. “Its location and long-term potential drew strong interest, and the property ultimately sold above the asking price with minimal contract contingencies.”
Constructed in 1973, Stephanie Gardens is a three-story brick community featuring 32 one-bedroom and 4 two-bedroom apartments. The units include air conditioning, carpeted floors, and microwaves, while the well-lit interiors overlook meticulously landscaped grounds. Residents also benefit from amenities such as laundry facilities, an exercise room, and rentable garage spaces. The new owner has plans to renovate and modernize the property, signaling a commitment to maintaining and enhancing its appeal for current and future tenants.
Beyond the property itself, Stephanie Gardens enjoys a highly convenient location just minutes from Westfield. The surrounding neighborhood offers a mix of restaurants, parks, grocery stores, and highly regarded public schools. Commuters will appreciate easy access to public transportation and nearby highways, making the community both practical and desirable for professionals, families, and long-term residents alike.
The sale of Stephanie Gardens underscores the ongoing demand for well-maintained, strategically located multifamily properties in Union County. As investors continue to prioritize communities with strong occupancy, amenity offerings, and potential for value-added renovations, properties like Stephanie Gardens remain highly sought after in the Northern New Jersey market.
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