Kluth tells GlobeSt.com that the asset garnered much interest from a broad spectrum of investors. "I was surprised by the level of activity given the nature of economy," he relates. "A couple of years ago, larger apartment owners would not have been interested in this kind of property, but in today's economy they were. This particular building was attractive to smaller owners that wanted to upsize and larger building owners that wanted to find a good investment."

Even as the overall transaction market for commercial properties declines, apartment communities have attracted capital. Earlier this week, the 176-unit Cooper Landing Apartments in Cherry Hill sold for $13.5 million, and the 27-unit Tower Spring Gardens II in New Providence was refinanced for $4.9 million.

Kluth suggests that smaller apartment deals represent less risk to lenders and buyers. "There is definitely a fall-off in the transaction volume over prior years, but the fall-off for multifamily, $5 million and under, has not been as much as for larger buildings and other property types," he states.