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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
