New Providence Multifamily Sells for Nearly $59M
Built in 1951, the garden apartment-home community is located in New Providence on the northwestern edge of Union County and is near the New Providence Train Station, as well as major highways.
NEW PROVIDENCE, NJ—The 232-unit New Providence Gardens apartment community here has been sold to an out-of-state institutional buyer in a deal valued at $58.5 million.
Brokerage firm Gebroe-Hammer Associates announced the deal. EVP Nicholas Nicolaou of the Livingston, NJ-based firm exclusively represented the seller, a private investment group and the buyer in the transaction. Financing for the transaction was provided by IPA, a division of Marcus & Millichap. The lead brokers for IPA were Anita Paryani, Rick Lechtman and Daniel Lisser.
Built in 1951, the garden apartment-home community is located in New Providence on the northwestern edge of Union County and is near the New Providence Train Station, as well as major highways. The property at 43 Gales Drive features 164 one-bedroom and 68 two-bedroom units.
New Providence Gardens’ historic Borough Center neighborhood ranks among the top 15% highest-income neighborhoods in the nation where more than half of the working population is employed in executive, management and professional occupations, according to Gebroe-Hammer.
“New Providence Gardens is well-poised for considerable value-add repositioning associated with in-demand market-unique layouts, convenient proximity to mass transit links and high-end lifestyle services,” says Gebroe Hammer’s Nicolaou. “This is a transit-rich region where an established millennial and executive-level out-commuter residential base fill the borough’s population-growth pipeline.”
He adds that the area’s rental apartment market is extremely supply constricted and is expected to see little if any new product delivered to market for the foreseeable future.