New Providence Apartments Sells For $55 Million

NEW PROVIDENCE, NJ — The 232 multi-family unit New Providence Apartments and Gardens has been sold for $55 million to Madison Hill Properties LLC.

Gebroe-Hammer Associates arranged the sale for NP Gardens LLC of the property located at 4 Gales Dr., in New Providence.

“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," said Greg Pine, executive vice president of Gebroe-Hammer Associates.

New Providence Gardens and Apartments is comprised of a mix of one- and two-bedroom units featuring four different layouts with hardwood floors and recently upgraded kitchens and baths.

The garden-style community is located within the Borough Center neighborhood on Gales Drive, connecting with South Street and Springfield Avenue. It is within a short walk to supermarkets, restaurants, pharmacies and other lifestyle services as well as NJ Transit Bus route 986, which connects to the Summit, Murray Hill and Plainfield Rail Stations as well as several of the area’s largest corporate parks and campuses.

(Photo provided)

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