Real Estate
171-Unit Murray Hill Apartments in New Providence Has New Owners
The property's 72 one-bedroom and 100 two-bedroom units have newly updated, modernized kitchens and hardwood floors.

New Providence, NJ -- Murray Hill Apartments in New Providence and Berkeley Heights have not only recently undergone a complete renovation but are now under new management.
Gebroe-Hammer Associates has arranged the $47 million trade of Murray Hill Apartments, a 171-unit garden-apartment complex in northwestern Union County.
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.
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“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,” said 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.”
(Photo provided)
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