Brokers from the Livingston, NJ-based Gebroe-Hammer Associates arranged the transaction, with sales associates Steven Follman and Elliot Schechter and EVP Joel Schwartz representing the seller and procuring the buyer. Neither party was identified, described only by the brokers as private investment groups. Legal counsel came from Morris Silberberg of Silberberg & Klein, Howell, NJ, and Harold Ritvo PC of Hackensack on behalf of the seller and buyer respectively.
"The strong occupancy rate, coupled with the condition and location of the property, attracted the buyer, who was seeking to expand its portfolio," Follman says.
"This suburban location has become quite popular among apartment renters who are commuting within New Jersey, as well as to New York and Philadelphia," Schwartz says. "Demand has strengthened area occupancy rates, which are a leading driver for investment interest and activity."
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