To emphasize his point, Brecher points to two apartmentcomplexes in the region, totaling 138 units--that have just tradedfor a combined $25 million, or more than $181,000 per unit. Bothdeals were orchestrated by area sales associate Steven Follman ofthe Livingston, NJ-based Gebroe-Hammer. Follman represented thebuyers and sellers in both transactions.

Colony House, a seven-story, 68-unit property at 122 N.Riverside Ave. here, is one of the two complexes that have changedhands. New York-based Colony Realty Associates sold it to ParkRidge LLC, an investment group with holdings in New York, NewJersey and Pennsylvania. Legal counsel was provided by Arnold D.Litt of the Herten, Burstein law firm and Hackensack, and MorrisSilberberg of Silberberg & Klein of Howell, NJ, for the sellerand buyer respectively.

"In this transaction, the seller used a 1031 Exchange to acquirea larger property that more reflects its current portfolio,"Follman says.