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."