New Providence Gardens and Apartments includes a mix of one- and two-bedroom units featuring four different layouts with hardwood floors and recently upgraded kitchens and baths. The garden-style community is located within the Borough Center neighborhood on Gales Drive, connecting with South Street and Springfield Avenue. It is within a short walk to supermarkets, restaurants, pharmacies and other lifestyle services as well as NJ Transit Bus route 986, which connects to the Summit, Murray Hill and Plainfield Rail Stations as well as several of the area's largest corporate parks and campuses.

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

Recent US Census estimates indicate the municipality has a population of approximately 12,000 residents with an estimated median household income of $123,078. New Providence's housing stock is comprised of owner-occupied single-family dwellings as well as garden apartments like New Providence Apartments and Gardens.

In terms of its employee base, a large percentage holds professional, managerial or executive positions with area-based businesses and corporations. Among these are C.R. Bard, a developer, manufacturer and marketer of healthcare products; Reed International, a global publishing and information company; BOC Group, a worldwide industrial gases, vacuum technologies and distribution services company; Aromat Corporation, a subsidiary of Matsushita Electric Works; and Alcatel-Lucent.

NEW PROVIDENCE, NJ—Madison Hill Properties has acquired 232 multifamily units at New Providence Apartments and Gardens, 4 Gales Dr., in New Providence, NJ, for a record $55 million. The sale represents a per-unit price of more than $237,000.

The Gebroe-Hammer Associates brokerage team of Greg Pine, executive vice president, and Gehane Triarsi, sales representative, exclusively represented the seller, NP Gardens, while Nicholas Nicolaou, senior vice president, procured the buyer.

Located in northwest Union County, New Providence connects Summit to Berkeley Heights. For the past 20 years, New Providence has been undergoing a population boom that has resulted in a tight supply of housing options and six successive quarters of asking-rent gains.

“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,” says Pine. “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.”

New Providence Gardens and Apartments includes a mix of one- and two-bedroom units featuring four different layouts with hardwood floors and recently upgraded kitchens and baths. The garden-style community is located within the Borough Center neighborhood on Gales Drive, connecting with South Street and Springfield Avenue. It is within a short walk to supermarkets, restaurants, pharmacies and other lifestyle services as well as NJ Transit Bus route 986, which connects to the Summit, Murray Hill and Plainfield Rail Stations as well as several of the area's largest corporate parks and campuses.

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

Recent US Census estimates indicate the municipality has a population of approximately 12,000 residents with an estimated median household income of $123,078. New Providence's housing stock is comprised of owner-occupied single-family dwellings as well as garden apartments like New Providence Apartments and Gardens.

In terms of its employee base, a large percentage holds professional, managerial or executive positions with area-based businesses and corporations. Among these are C.R. Bard, a developer, manufacturer and marketer of healthcare products; Reed International, a global publishing and information company; BOC Group, a worldwide industrial gases, vacuum technologies and distribution services company; Aromat Corporation, a subsidiary of Matsushita Electric Works; and Alcatel-Lucent.