Haven Court Apartments is a 22-unit apartment complex in a quiet residential area that consists of four two bedroom / one bathroom apartments, 12 one bedroom / one bathroom apartments and six studio apartments. The property had been held by the same ownership group since the 1970s. “The sellers wanted to take advantage of strong investor demand that would allow them to garner attractive pricing and realize decades of appreciation,” said Michael Scrima, a Redwood Realty Advisors Director.
The buyer is a private investor based in New Jersey who plans on upgrading and rebranding the building. “The new ownership recognized the opportunity to buy a rare investment asset in a highly sought after submarket,” added Thomas Gorman Jr., a Redwood Realty Advisors Director. Scrima and Gorman represented both the buyer and the seller in the transaction.
About Redwood Realty Advisors
Redwood Realty Advisors is a brokerage and advisory firm that focuses exclusively on multifamily assets. Our team is composed of experienced senior advisors who have proven results in the multifamily
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SOURCE: Gina Zamparelli, Redwood Realty Advisors, Office Manager