Redwood Realty Advisors is pleased to announce the sale of a 21-unit apartment asset in the “Gold Coast” town of Weehawken, N.J. for $2,725,000. “Weehawken is a high barrier to entry market and highly sought after by investors. Strong demographics, low vacancy and room to grow rents made this a great addition to our client’s existing footprint in the area,” said Steve Matovski, a Director at Redwood Realty Advisors.
Located at 46-48 49th Street near Boulevard East, this brick building consists of 20 1-bedroom units and one larger 4-bedroom unit. Tenants enjoy multiple mass transit options within walking distance and easy access to Manhattan, as well as proximity to nearby restaurants and shopping. “We saw tremendous activity from the onset of our marketing efforts. Investors gravitated toward the asset because of supply constraints and future upside in extracting value through a major capital improvement initiative,” added Matovski.