$6.6M Garwood Apartment Complex Changes Hands For First Time In Decades

By Cecilia Levine From Daily Voice

A 36-unit apartment complex in North Jersey has sold for $6.6 million.

The property, Stephanie Gardens, located at 72 3rd Avenue in Garwood, was marketed exclusively by Kislak with President Robert Holland and Managing Director Jeff Squires representing the longtime owner, Garwood Associates, LP. The buyer, Garwood Gardens, LLC, was also procured by The Kislak Company, Inc., the firm said.

Built in 1973, Stephanie Gardens is a three-story brick garden complex with 32 one-bedroom and four two-bedroom apartments, according to Kislak. Interiors feature carpeted floors, individual AC units, and microwave appliances, while the landscaped exterior includes laundry and exercise rooms, and garages available for rent.

“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,” said Squires. “We were able to quickly generate several competitive offers and the property ultimately sold above asking price with minimal contract contingencies.”

The new owner plans to make additional improvements and continue renovations, according to Kislak.

Holland and Squires have each led multiple multifamily sales across New Jersey. Kislak, headquartered in Woodbridge, was named a 2024 Power Broker by CoStar Group and recognized by NJBIZ as a Leader in Real Estate, Construction and Design.