The property has undergone recent updates, including a new roof, parapet-wall installations, two new elevators, a newly-constructed, secure package room, cable-service updates and enhancements to the lobbies, hallways and units.

"Hamilton House's central positioning and sustained tenant demand rendered this a prime value-add multifamily investment opportunity where the buyer can expand upon the owner's recent enhancements," said Nicolaou.

The multifamily sale follows Gebroe-Hammer Associates' report of a steady Q1 transaction pace of 18 deals encompassing 1,574 units, totaling $316.4 million. The firm has executed several NJ multifamily trades since Q1, including the $43 million sale of the class A, 125-unit Bayside Cove in South Amboy, the $25.5 million sale of the class A, multifamily portfolio in Woodbridge Township, and $64.9 million in sales encompassing 269 units within the East, Southwest and Northwest Middlesex submarkets over the course of two months.

"We are still closing deals during this challenging economic period as buyers continue to seek out multifamily properties knowing that this asset class will always weather any downturns – as I have witnessed throughout my 45 years in the business – because of the basic human need for shelter," said Uranowitz. "As we gradually 'reopen,' the new normal may indeed encompass a significant telecommuter population base, thereby further emboldening the strength of multifamily properties – which is the already-favored investment over office and retail asset classes."