It wasn’t that long ago when the typical Northern New Jersey suburban garden apartment community would seldom transact for more than $100,000 per unit with a cap rate never less than 6.0 percent and more often 7.0 percent and higher. The investment community saw the stability in garden apartments but not the upside of rent growth and renovation premiums like in their luxury counterparts. Therefore, buyers consisted primarily of private long term holders. In the
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