Madison Hill Properties has purchased a 232-unit garden apartment community in New Jersey for $55 million.
The sale price for New Providence Apartments and Gardens, located at 4 Gales Dr., in New Providence, NJ, represents a per-unit price of more than $237,000.
Gebroe-Hammer Associates arranged the sale of the development. Greg Pine, executive vice president, and Gehane Triarsi, vice president, represented the seller, NP Gardens LLC, while Nicholas Nicolaou, senior vice president, procured the buyer.
Located in northwest Union County, this quaint suburban borough connects Summit to Berkeley Heights. For the past 20 years, New Providence has been undergoing a population boom that has resulted in a tight supply of housing options and six successive quarters of asking-rent gains.
“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,” said Pine. “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 is comprised of a mix of one- and two-bedroom units featuring four different layouts with hardwood floors and recently upgraded kitchens and baths.
According to recent U.S. Census estimates, the municipality has a population of approximately 12,000 residents with an estimated median household income of $123,078. New Providence’s housing stock is comprised of owner-occupied single-family dwellings as well as garden apartments like New Providence Apartments and Gardens.
In terms of its employee base, a large percentage holds professional, managerial or executive positions with area-based businesses and corporations. Among these are C.R. Bard, a leading developer, manufacturer and marketer of healthcare products; Reed International, one of the world’s top publishing and information companies; BOC Group, a worldwide industrial gases, vacuum technologies and distribution services company; Aromat Corporation, a subsidiary of Matsushita Electric Works Ltd.; and Alcatel-Lucent.