The fire in the building adjacent to Beverly Street was reported around 2 p.m.
Officials with the borough of Carteret said the building is a complete loss.
The building is made up of 48 units and nearly 75 residents.
Mayor Dan Reiman said no one was killed or seriously injured and they were awaiting reports on pets in the building.
A few non-life-threatening injuries were reported, including a couple firefighters who were treated for heat exhaustion.
WATCH | NewsCopter 7 captured video from above the fire:
"We had multiple interior collapses, so although the building itself, the outer walls didn't collapse, or multiple interior collapses, the roof collapsed about eight minutes into the the fire," Carteret Fire Chief Mark Hruska said. "And then we had multiple floor-on-floor collapses within the building that blew the windows out."
Firefighters with the Carteret Fire Department and other nearby towns responded to the blaze.
Residents were encouraged to avoid the area.
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