The portfolio, comprising six properties and 87 units throughout Woodbridge Township, was divided and disposed of in two separate 1031 exchanges, totaling $25.5 million.

The firm has launched two new offices in Chicago and New Jersey and hired industry veterans to grow its national capital advisory platform.

If Phase 2 is expedited, according to one expert, then you'll see an impactful change, but if not, it could end up hurting the economy even further.

"Looking ahead, most management teams expressed guarded optimism" about the economic and operating outlook as the economy re-opens slowly and the COVID-19 pandemic eases to some extent, Mizuho reported.