Maz Radwan, an investment specialist in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller, a New Jersey developer. Radwan also secured the buyer, a New York private investor.

"Located just outside the campus of Rutgers University, the sale of this property is an example of investors pursuing quality markets and properties regardless of market conditions," Fasano tells GlobeSt.com. "Everyone worked together to close the transaction," he continues. "The buyer had sold two apartment properties in Brooklyn and needed to execute a 1031 Exchange. Radwan facilitated the transaction and worked with Josh Lipsey of Marcus & Millichap Capital Corp. and the buyer to secure financing;" Lipsey was able to secure a non-recourse loan with a 10-year term a 30-year amortization.

Constructed in 1999, the apartment contains 27 studios, 11 one-bedrooms and four commercial units. Both buildings have on-site laundry and limited parking available.