New Providence Gardens sells for $58.5 million in transaction arranged by Gebroe-Hammer Associates
NEW PROVIDENCE, NJ — New Providence Gardens, a 232-unit garden-apartment community located within one of the most affluent corners of New Jersey, has been sold for $58.5 million in a trade arranged by Gebroe-Hammer Associates of Livingston. Executive vice president Nico Nicolaou represented the seller, a private investment group, and the unnamed out-of-state institutional buyer, in the transaction. Built in 1951, the apartment-home community is nestled within the historic and picturesque municipality of New Providence on the northwestern edge of Union County. Set within a high-appreciating tree-lined residential neighborhood, the property is near New Providence Train Station as well as major highways that facilitate movement of the area’s highly concentrated out-commuter residential base. READ MORE.