Kevin McCrann and Thomas McConnell, multifamily specialists in Marcus & Millichap's New Jersey office, represented the seller, a private local investor, and secured the buyer, a New Jersey pension fund. According to McConnell, "even in these uncertain times, we were able to obtain multiple written offers from qualified buyers."

For weeks, now, multifamily deals have been picking up in frequency. To that end, senior multifamily executives polled by the National Multi Housing Council for its most recent Quarterly Survey of Apartment Market Conditions indicated that the sector is showing some signs of improvement.

In the case of basic fundamentals such as vacancies and rents, conditions remain weak, but have strengthened between the second and third quarters, with the market tightness index moving up from 20 to 31--based on a scale of 0-100. Although this was the ninth consecutive quarter that the index hit sub-50, it was also the fourth quarter in a row that the level has risen.