The seller was the Villa family, locally based, represented by a Newmark Knight Frank brokerage team led by managing director Richard Mirliss and including Hope Brodsky, David Noonan, Christopher LoSapio, Jennifer Schwartzman and Justin DiMare of the firm's Rutherford and New York offices. Feil, which marks its entry into the New Jersey market with the acquisition, was represented in-house.

The sale price was not disclosed, although the portfolio had been listed in the summer of 2007 with an overall asking price of $100 million and sources say it likely traded for a number in that range. The Villa family had put portfolio up for sale in its entirety or in parts, and accepted bids through this past September.

"This has to be one of the largest transactions to take place in the tri-state area so far this year," says Mirliss. "I think it's a welcome piece of news for a real estate community that's been spending too much of its time lately focused on the current turmoil in the credit markets. It bucks the notion that big deals can't get done in today's credit-impaired marketplace."