Executive vice presidents Joseph Brecher and Joel Schwartz represented Tower Management and secured the buyer. Andy Norin, Esq., of Drinker Biddle & Reath, LLP--of Philadelphia--and Richard Kelin, Esq.--of West Orange--provided legal representation on behalf of the seller and buyer, respectively.

The complex features 108 one-bedroom and 36 two-bedroom units. The property was 98% occupied at the time of sale. "This sale is quite impressive because it reinforces that demand still exists for high-quality multi-family properties in central New Jersey," says Brecher, adding that area occupancy rates are 95%.

"Despite the current economic climate impacting other real estate classes, investors are willing to acquire aggressively priced multi-family properties in highly sought-after neighborhoods favored by commuters," says Ken Uranowitz, Gebroe-Hammer's managing director. "Those who reside in this area either commute into New York City or Philadelphia or are employed in government jobs in Trenton."

According to Marcus & Millichap's 2009 annual report, apartment fundamentals are expected to remain fairly stable in New Jersey, despite job losses. The report goes on to note that in Central and Southern New Jersey, class B properties are expected to perform well as employment concerns reduce tenant turnover and keep occupancy levels elevated. Elevated home prices and above-average population density should maintain a healthy investment outlook in the New Jersey apartment market this year, although sales activity is not expected to increase significantly.