According to Nicolaou, the mix of one-, two-, three- and four-bedroom and duplex units feature a wide range of flexible layouts complemented by three ground-floor retail units, as well as on-site parking, garages and storage at certain locations.

“Combined, the portfolio has the potential to yield market-rate rent appreciation as well as additional value-add associated with implementation of modest-to-extensive capital improvements,” he says.

The well-maintained classic Union City apartment buildings are comprised of 419 total units, of which 196 are one-bedroom, 175 are two-bedroom – the most in-demand for the greater submarket – and 40 and 5 market-unique three- and four-bedroom layouts, respectively. The remaining three units are all ground-floor retail.

Each apartment asset is near iconic shopping districts, premier cultural centers and recreation venues and a multitude of convenient mass transit links. They are located along New York, Bergenline, Palisade, Park and Central avenues; West Street; and 5th, 6th, 8th, 11th and 42nd streets.

North of Hudson County, Nicolaou and executive vice president Greg Pine represented the same seller and buyer in the sale of the portfolio's Central Bergen County properties. The three apartment-home communities feature 68 total units located in the high-barrier-to-entry municipalities of Lodi and Bergenfield, NJ. Situated just 10 miles apart, the Central Bergen properties front Murray Hill Terrace and East Clinton Avenue in Bergenfield and South Main Street in Lodi. Rounding out the one- and two-bedroom layout mix of these high-visibility, historically stabilized communities is a free-standing house and three street-level commercial units.

“Each of these properties appeal to the area's diverse tenant base, which ranges from hard-working families to established, highly educated business executives,” says Nicolaou. “Enhancing this portion of the portfolio's appeal is its central locale within a well-established transit-friendly residential corridor and repositioning potential associated with area development.”

Correction, 2/14/2019, 9:09 a.m.: Because of an editing error, an earlier version of this story misstated the number of buildings involved in the transaction. It is 18, not 45.