Stephen Tragash of the Livingston-based firm represented the seller and identified the buyer in the $1.85-million trade of 37 units in Elizabeth, in Union County. The garden-apartments are located on Walnut Street, near Mary Street, within walking distance of a a park. The complex offers a mix of studio, one- and two-bedroom layouts. According to Tragash, the buyer, who was not identified, plans to renovate the units.

In Jersey City, Nicholas Nicolaou arranged the $1.15-million sale of 15 one-bedroom units at 105 Tonnele Ave. The three-story building is situated a few blocks from Journal Square Station. According to Gebroe-Hammer, the average rents for a one-bedroom apartment in the area is about $775 a month.

“Jersey City not only offers lower rents to tenants, as compared to New York City, it also offers an extremely appealing alternative to investors who are priced out of Manhattan,” commented Nicolaou.

The G-H brokers cited similar market conditions in Ridley Park, PA, where Joseph Brecher and Eli Kessler orchestrated the $2.825-million sale of the 64-unit Ridley Manor Apartments. The four-story Tudor-style building at 100 Morton Ave. has studio, one- and two-bedroom units. A nearby SEPTA train station provides a direct link to Center City Philadelphia.

“Almost half of the units were recently renovated with new kitchens and bathrooms, upgraded appliances and double-pane windows,” said Kessler. “Like many suburban commuter hubs, residents are renters by choice because it affords them the opportunity to enjoy the best of both worlds – serene surroundings near ample recreation and a 14-acre lake, with proximity to all the excitement and culture that Philadelphia has to offer.”