A garden-style apartment community in Union County was sold Monday in a $58.5 million deal, GlobeSt first reported.
The sale of the 232-unit New Providence Gardens was brokered by Livingston-based brokerage Gebroe-Hammer Associates, which said an unidentified institutional buyer had acquired the complex from a private investment group. The property at 43 Gales Drive in New Providence, built in 1951 and proximal to the 109,000-square-foot, Acme Market-anchored Village Shopping Center, is also located less than 1.5 miles from the local New Jersey Transit station.
“This is a transit-rich region where an established Millennial and executive-level out-commuter residential base fill the borough’s population-growth pipeline,” said a statement from Gebroe-Hammer broker Nicholas Nicolaou, who advised both parties on the transaction. “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.”
New Providence Gardens consists of 164 one-bedroom units and 68 two-bedroom units. Institutional Property Advisors (IPA), a division of Marcus & Millichap, provided financing for the deal through a team led by brokers Anita Paryani, Rick Lechtman and Daniel Lisser.
According to TAPinto, the Borough of New Providence reached an affordable housing settlement in March that will add as many as 1,209 residential units to its pipeline, about 316 of which will be designated for low- and moderate-income residents. The Real Deal reported last year that New Providence is among several areas in northern New Jersey where investors are pouring money into multifamily projects in transit-friendly locales. [GlobeSt] — Mario Marroquin