New Providence Apartments and Gardens in New Providence — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A buyer has paid $55 million for a 232-unit garden apartment complex in New Providence, in a deal arranged by brokers with Gebroe-Hammer Associates.
The firm on Tuesday announced the sale of New Providence Apartments and Gardens, located at 4 Gales Drive. The team of Greg Pine, executive vice president, and Gehane Triarsi, vice president, exclusively represented the seller, NP Gardens LLC, while Senior Vice President Nicholas Nicolaou procured the buyer, Madison Hill Properties LLC.
In a news release, Gebroe-Hammer said the northwest Union County suburb has undergone a population boom over the past 20 years. That has led to a tight supply of housing options and six successive quarters of asking rent gains, the Livingston-based firm said.
“New Providence has become an enclave for urban sophisticates — highly educated individuals who gravitate toward the arts, hold executive-level employment positions and are well traveled,” Pine said in a prepared statement. “Demand for apartment rentals has escalated in this post-single-family-housing-crisis era, particularly in a borough like New Providence, which benefits from its scenic location within the Watchung Mountain region, 15-mile proximity to Newark and 30 miles to Midtown Manhattan.”
New Providence Gardens and Apartments includes a mix of one- and two-bedroom units featuring four different layouts with hardwood floors and recently upgraded kitchens and baths, the news release said. The garden-style community is located within a neighborhood that connects with South Street and Springfield Avenue, offering a short walk to retail and mass transit options in the area.
“While New Providence has a clandestine identity, it is well known among prospective multi-family tenants and investors for its ease of access to highways, local and regional employment centers and overall charm,” Pine said. “In short, the borough offers something for everyone, from millennials and senior-level executives with families to active retirees.”