(To read more on the multifamily market, click here.)

PHILADELPHIA-Two New Jersey firms, Mt. Laurel-based Paradigm Realty Alliance and Red Bank-based Robertson Douglas Group, have acquired National-East, the second phase of the National, a multi-building condominium development of approximately 300 units in Old City. The development takes its name from the 1940s Art Deco National Products Building on N. Second Street.

The National was initially unveiled in January 2004, as GlobeSt.com reported, by a partnership between Cranbury, NJ-based Matrix Development Group and K. Hovnanian Cos., a national homebuilder based in Red Bank. This March, the original partnership put the east portion, approximately half of the total, up for sale. At the time, on condition of anonymity, a local condo developer told GlobeSt.com it would probably trade for about $15 million.

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