“The buyer recognized this sprawling suburban property's upside potential and plans to implement a series of upgrades in order to position it even more competitively in this robust rental market,” says Brecher.

In nearby Belleville, David Oropeza and Nicholas Nicolaou handled the $3.1 million trade of 40 units at 141 Holmes St. and 353 Washington Ave. Each of the 20-unit buildings has a combination of studio, one- and two-bedroom apartments near shopping and public transportation. Both have on-site parking and laundry facilities.

“Belleville is a residential community at the crossroads of numerous transportation

arteries, including the Garden State Parkway and Route 21,” notes Nicolaou. “The city is about eight miles from Newark Liberty International Airport and has various bus routes linking to Manhattan. It has become a true live/work hub, which reinforces on-going demand for multi-family properties here.”

Jarvis, who specializes in inner-city markets, also completed the $1.775 million sale of 73-81 North 7th St. in Newark, where he represented the seller and procured the buyer. The building hsd 33 one-bedroom units.

Also in Essex County, Jarvis orchestrated the $910,000 sale of 663-667 Eagle Rock Ave. in West Orange, and Oropeza brokered the $660,000 trade of 17 units at 10 East Summit St. in East Orange.

According to Ken Uranowitz, Gebroe-Hammer's president, Essex County's trading

velocity exceeds that of other northern New Jersey counties. That includes Hudson County, where Gebroe-Hammer arranged the $2.1 million trade of 14 apartments along with four commercial units.

“New Jersey's urban and suburban centers continue to provide potential investors with a growing number of opportunities that have substantial value-add opportunities,” Uranowitz says. “In the current marketplace, which is marked by competitive-to-aggressive multi-family pricing and record-low interest rates, well-located properties tend to sell extremely fast due to a lack of for-sale product and ever-growing investor demand.”

G-H handles suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties.