New Providence apartments fetch $58.5M

By Eric Strauss
New Providence | Jun 3, 2019 at 11:11 am

A garden apartment community in New Providence has been sold for more than $58 million, according to real estate firm Gebroe-Hammer Associates.

Gebroe-Hammer Executive Vice President Nicholas Nicolaou exclusively represented the seller, a private investment group, and the unnamed out-of-state institutional buyer in the $58.5 million trade of New Providence Gardens.

Financing was provided by IPA, a division of Marcus & Millichap. The lead brokers were Anita Paryani, Rick Lechtman and Daniel Lisser of Marcus & Millichap.

“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,” Nicolaou said in a prepared statement. “This is a transit-rich region where an established millennial and executive-level out-commuter residential base fill the borough’s population growth pipeline.

“The apartment rental market is extremely supply-constricted and is expected to see little, if any, new product delivered to market for the foreseeable future.”

The garden-style complex, built in 1951, has 232 units at 43 Gales Drive, near the municipality’s train station and several major highways.

The complex includes 164 one-bedroom and 68 two-bedroom apartments.

Eric Strauss | estrauss@roi-nj.com | acerimrat