According to Oren, the transaction represents a prevailing trend for properties in the region that have been family-owned for decades. "Since being built in 1954, this complex is only being sold for the first time because the seller is retiring and relocating out-of-state," he tells GlobeSt.com. "The 30-day closing and all-cash sale, with no contractual contingencies other than clear title, is highly unusual."

Gebroe-Hammer reports that several factors are driving multi-family housing investments. "Well-financed investors favor existing multi-family properties that, if required or desired, can undergo upgrades to yield more competitive market-rental rates or be sustained with effective property management practices to retain high occupancy rates and quality on-site amenities," Schwartz says.

Featuring a mix of one- and two-bedroom apartments, 45-51 Morris Ave., is a two-and-half story property with on-site laundry and parking facilities. Planned upgrades include new windows, an enhanced electrical system, new heating and air conditioning and exterior landscaping.