New Jersey Apartments Go for $55M

Gebroe-Hammer Associates has announced the purchase of a 232-unit property in New Providence, N.J.
New Providence Apartments and Gardens

New Providence Apartments and Gardens

New Providence, N.J.—New Jersey-based Gebroe-Hammer Associates, a leading multifamily investment sales brokerage firm, has announced the $55 million sale of New Providence Apartments and Gardens, a 232-unit apartment community located in New Providence, N.J.

Located at 4 Gales Drive, the garden-style community features one- and two-bedroom units with different layouts of hardwood floors and recently upgraded kitchens and baths. The property is located within the Borough Center neighborhood on Gales Drive, offering convenient access to South Street and Springfield Avenue.

“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. 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,” Greg Pine, executive vice president with Gebroe-Hammer Associates, said in prepared remarks.

“While New Providence has a clandestine identity, it is well known among prospective multifamily tenants and investors for its ease of access to highways, local and regional employment centers and overall charm. In short, the borough offers something for everyone, from millennials and senior-level executives with families to active retirees,” Pine added in a prepared statement.

Image courtesy of Gebroe-Hammer Associates