Source: Mid-Atlantic Real Estate Journal

48-unit property sells for $6.725 million to Redwood Realty Advisors kicks off 2016 with Bogota sale

bogota apartment building

Bogota, NJ — Redwood Realty Advisors completed the sale of a 48-unit property in Bogota. The garden style apartment project sold for a competitive 4.8% cap rate and total price of $6.725 million.

“We saw tremendous activity in the apartment investment sales market in 2015, and even with a slight increase in interest rates, we believe that strong momentum will carry over into 2016,” said Thomas McConnell, CCIM, managing partner at Redwood Realty.

The property was sold by the original developer and owner, Landmark Development Co.