Madison Hill Properties has purchased a 232-unit apartment complex at 43 Gales Drive in New Providence, NJ for $55 million, or $237,069 per unit, from Morristown, NJ-based Segal & Segal. New Providence Apartments is a garden-style community consisting of 164 one-bedroom. one-bathroom apartments and 68 two-bed, one-bath units. It was originally built in 1951 by the seller. Greg Pines and Nicholas Nicolaou of Gebroe-Hammer Associates represented the seller. Please see Costar Comp # 377590 for more information on the transaction.