Marcus & Millichap VP of investments, Greg Babaian, and investment specialist Spencer Weinberg, handled the listing exclusively for the seller, a long-time local owner. The buyers were two partners from the Midwest and New England.

Michael J. Fasano, vice president/regional manager of Marcus & Millichap's New Jersey office, tells GlobeSt.com that the seller held the 12,400-square-foot building for 25 years and wanted to retire and exit the investment, which he owned free and clear. The buyers are making their first investment in the city and were attracted by its status as a bedroom community near New York City. "They believe in Hudson County," he says.

Fasano notes that smaller apartment buildings are more easily financed in today's environment. This deal was facilitated by seller financing, he adds. Renting for between $700 to $1,000 a month, all apartments in the building are occupied, Fasano says. Apartment vacancies in urban areas of Northern New Jersey stand at around 5%, he says.