Three of the properties, 145 Belmont Ave., 25 Gifford Ave. and158-160 Bergen Ave., sold as a package for approximately $5 millionfor the 93 units. The buyer obtained a new first mortgage atmarket-rate terms, and after five days of due diligence the buyerand seller agreed to delay the closing for three months in order tofind a 1031 tax exchange, according to Levey.

In the second transaction, the 48-unit mid-rise property at151-161 Christopher Columbus Dr. here traded for approximately $1.5million. Financing involved all cash with no mortgage contingency.Gebroe-Hammer SVP Joel Schwartz assisted in the transaction.Finally, the 17-unit, four-story asset at 54 Linden Ave. traded for$676,000 in an all-cash deal with no mortgage contingency.

"We have been selling multifamily housing in such cities asJersey City, and many others, over the past few years," saysGebroe-Hammer managing director Kenneth Uranowitz. "These latestsales are indicative of the confidence of investors in qualityurban properties."