Private Investor Acquires MultiFamily Property In Clifton For $13.25M

Oak Ridge Gardens, a 78-unit garden apartment community located at 945 Clifton Ave, Clifton, NJ, 07013, was recently sold in Clifton, New Jersey. The property was acquired for $13,250,000, equating to $169,871 per unit. Situated in Passaic County, a residential area serving as a bedroom community for New York City, Oak Ridge Gardens presents a valuable investment opportunity with below-market rents that offer immediate upside potential for the buyer.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $13,250,000.00
• Market: Clifton
• Buyer: Private Investor
• Buyer's Representative: Kevin McCrann (Redwood Realty Advisors)
• Seller: Undisclosed

Redwood Realty Advisors' Managing Partner, Kevin McCrann, played a pivotal role in facilitating the sale of Oak Ridge Gardens. McCrann highlighted the property's historical ownership, emphasizing its potential for value enhancement due to below-market rents. The competitive bidding process led to a successful transaction, benefitting both the buyer and seller involved in this strategic real estate deal.