The New Providence Apartments and Gardens in New Providence, New Jersey has been acquired by Madison Hill Properties, which paid $55 million or $237 per unit for the 232 unit property. The garden-style community is located within the Borough Center neighborhood and features a mix of of one and two bedroom units featuring four different layouts with hardwood floors and recently upgraded kitchens and baths. Gebroe-Hammer Associates arranged the sale on behalf of the seller, NP Gardens LLC
“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,” Greg Pine, executive vice president with Gebroe-Hammer Associates, said in prepared remarks.
