Garden Apartments Flip for $47M in New Providence, NJ

Murray Hill Apartments, 48 Southgate Rd., Murray Hill, NJ

MURRAY HILL, NJ—Gebroe-Hammer Associates has arranged the $47 million trade of Murray Hill Apartments , a 171-unit garden-apartment complex in Murray Hill, an unincorporated community spanning New Providence and Berkeley Heights, in northwestern Union County, NJ. The buyer and seller were not identified. The Gebroe-Hammer brokerage team of Greg Pine and David Jarvis , executive vice presidents and Stephen Tragash, senior vice president, exclusively represented the seller and identified the buyer. Gebroe-Hammer says Pine has represented the seller in several recent trades involving larger garden-apartment communities, including the $175 million sale of Village Green in Mt. Olive Township. Additional transactions included properties in West Orange and North Plainfield, NJ. “Communities like Murray Hill have pervasive appeal among multi-family investors because, in general, the tenant pool has a higher college education level and higher median household income that influences the caliber of the area’s multi-family properties and market-rate rents,” says Pine , who has represented the seller in six other recent transactions. “Furthermore, the Murray Hill neighborhood also offers a balance between a surging daytime population drawn to a leading regional employer and protected green open space that preserves its rural character.” Located at 48 Southgate Rd ., Murray Hill Apartments features 12 two-story walk-up buildings fronting Gales Drive, Springfield Avenue and Fifth Street. The property’s 72 one-bedroom and 100 two-bedroom units have newly updated, modernized kitchens and hardwood floors. On-site amenities include parking and laundry facilities. The Murray Hill Train Station is within steps of the complex. Murray Hill is the long-time headquarters of Alcatel-Lucent , and its predecessor, Bell Labs . Characterized as an exurb due to its controlled sprawl and permanently protected parkland, centralized population density and proximity to urban centers, Murray Hill’s population is primarily employed in the professional/scientific/technical services and finance/insurance sectors. Commuters to and from the Borough of New Providence favor its easy access to the region’s extensive highway, rail and bus transit network. Buses and cars travel via I-78 and routes 22 and 24, connecting to the Garden State Parkway and NJ Turnpike as well as the Lincoln and Holland Tunnels and George Washington Bridge. Rail service is available at Murray Hill Station, which offers services along the Gladstone Branch of the Morris-Essex Line to Hoboken Terminal and Penn Station in Midtown Manhattan. Gebroe-Hammer Brokers $47 Million Garden Apartment Sale in New Providence NJ