"To take advantage of the hot investment climate in Jersey City, the buyer is planning comprehensive renovations, including a state-of-the-art security system, that will add short and long-term value to the buildings," Greenstein says, noting also that area occupancy rates are approximately 95%. According to Gebroe-Hammer, area rental rates are $825 for one-bedroom and $975 for two-bedroom units.

Favored by commuters traveling to Manhattan--as well as western parts of New Jersey--Jersey City offers a variety of convenient transportation options, including bus lines, rapid transit, ferries, tunnels and rail lines.

Legal counsel was provided by Harold Ritvo, PC, of Hackensack, and Jonathan Mehl, Esq., of Rutherford, on behalf of the seller and buyer, respectively.