Redwood Realty Advisors is pleased to announce the completed sale of Oak Ridge Gardens, a 78-unit garden apartment community in Clifton, N.J. A private investor purchased the asset for $13,250,000 or $169,871 per unit. Oak Ridge Gardens is centrally located in a residential community in Passaic County, a bedroom community for New York City.
“Oak Ridge Gardens offers a tremendous value-add opportunity for the buyer. The asset has been held by the same owners for some 50 years, and its below market rents provide immediate upside for the buyer,” said Redwood Realty Advisors’ Managing Partner Kevin McCrann. “At the same time, multiple offers led to a competitive bidding process that generated an attractive exit price for the seller,” added McCrann. McCrann represented both the buyer and seller in this transaction.