Patriot Village at 53 Division Ave. in New Providence — Courtesy: Hudson Atlantic Realty
By Joshua Burd
An investor has acquired an 18-unit luxury apartment property in New Providence for $10 million, in a newly announced deal by Hudson Atlantic Realty.
According to the brokerage firm, the complex at 53 Division Ave. drew interest thanks in part to its proximity to Summit, Interstate 78 and the New Providence train station. Known as Patriot Village, the 13-year-old property is a collection of studio, one-bedroom, two-bedroom and three-bedrooms units, with private garage parking, tenant storage and in-unit laundries.
“Even in the midst of a high interest rate environment, this transaction further proves investors are still willing to pay record prices for multifamily assets in highly desirable locations,” said
Hudson Atlantic Managing Partner Adam Zweibel, who brokered the deal on behalf of an undisclosed seller. He noted that the property traded for $555,000 per unit, when assigning full value to the four apartments designated as affordable housing.
Hudson Atlantic added that the property is along the Summit border, providing residents with access to both downtowns, and within a highly ranked school district.
