The seven-property multifamily portfolio totals 1,035 units.

SADDLE BROOK, NJ—Murnick Property Group of Roseland, NJ has sold a seven-property “Northern/Central New Jersey Workforce Housing Apartment Portfolio” it has owned for half a century to an international investor for $146 million.

CBRE reports that a bidding process for the 1,035-unit portfolio attracted more than 33 offers. The portfolio benefits high occupancy, 4.1% average annual rent growth since 2014 and high resident retention.

The properties in the traded portfolio include: Washington Towers, East Orange, 197 units, 14 stories, constructed in 1964; Executive House, East Orange, 228 units, 23 stories, constructed in 1965; Ambassador Towers, East Orange, 161 units, nine stories, constructed in 1958; Munn Heritage, East Orange, 75 units, seven stories, constructed in 1913; Parkview Gardens, Newark, 24 units, four stories, constructed in 1947; Munroe Towers, Asbury Park, 261 units, 15 stories, constructed in 1965 and Lafayette House, Trenton, 89 units, 12 stories, constructed in 1966.