Murnick Property Group sold seven workforce housing properties in northern and central New Jersey for a combined $146m. With the exception of one complex built in 1913 all the properties were constructed between 1947 and 1966. The portfolio includes 1,035 units and has seen an average 4.1-percent annual rent increase since 2014. Murnick Property Group has operated and maintained the buildings for more than half a century. CBRE represented the owner and procured the buyer, an undisclosed international investor.
