Maz Radwan, an investment specialist in Marcus & Millichap'sNew Jersey office, had the exclusive listing to market the propertyon behalf of the seller, a New Jersey developer. Radwan alsosecured the buyer, a New York private investor.

"Located just outside the campus of Rutgers University, the saleof this property is an example of investors pursuing qualitymarkets and properties regardless of market conditions," Fasanotells GlobeSt.com. "Everyone worked together to close thetransaction," he continues. "The buyer had sold two apartmentproperties in Brooklyn and needed to execute a 1031 Exchange.Radwan facilitated the transaction and worked with Josh Lipsey ofMarcus & Millichap Capital Corp. and the buyer to securefinancing;" Lipsey was able to secure a non-recourse loan with a10-year term a 30-year amortization.

Constructed in 1999, the apartment contains 27 studios, 11one-bedrooms and four commercial units. Both buildings have on-sitelaundry and limited parking available.