"Inventory of Class-A product is few and far between," Nicolaou says. "Investors see potential in renovating Class-B and C buildings to bring them up to competitive market rates."

While occupancy rates are very high now – about 97% in Hudson County – a significant number of units are in the pipeline for the next several years especially in Jersey City. Nicolaou says it's all good: "In a city like Jersey City, new product paves the way for urban revitalization and tenants with diverse socioeconomic backgrounds and roots – including those priced out of New York City."

In Jersey City recently, Nicolaou exclusively represented the sellers – all of whom were long-time owners – and procured the buyers for four apartment buildings with a combined 107 units, selling for a total of $11.5 million.

Also, he arranged the sale of a 50-unit, two-building package on Bergen Avenue and Brinkerhoff St. for $4.4 million. All of the properties recently sold by Gebroe-Hammer were located in the McGinley Square, Journal Square and The Heights neighborhoods.

Union City is undergoing a multi-family investment surge, similar to that of Jersey City, Nicolaou says. "High tenant demand throughout Hudson County is having a rippling effect into Union City, where vacancy rates are shrinking and rents are rising," he says.

His most recent deal involved a two-building sale of 55 units for $5.2 million in Union City.

As long as residential mortgages remain out of reach for a large percentage of the population, and interest rates stay low for investors, Nicolaou predicts sales momentum will stay high – and maybe peak higher – in the next several years.