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NORTH BERGEN, N.J. — Redwood Realty Advisors has arranged the sale of a 24-unit property at 625 Kennedy Blvd. in North Bergen. Situated in New Jersey’s Gold Coast area, the asset sold for $2.5 million in an all-cash transaction. The property has had not changed hands in over 25 years. The undisclosed buyer and seller were both represented by Steven Matovski, director of Redwood Realty.
All units at the 625 Kennedy Blvd. property are one-bedroom layouts. Roughly 30 percent of the units were vacant as of the close of sale. The property attracted significant interest due to its favorable infill location, low in-place rents and high vacancy that offered significant value-add potential, according to Matovski.