Audubon invests in blossoms.

Affiliates of Audubon Communities Management, LLC have acquired the 404-unit Branch Brook Gardens Apartments in Belleville, Essex county, N.J. The garden-style community was purchased from a private owner for $40 million.

Branch Brook Gardens Apartments sits on Belleville Avenue, directly across from the historic 360,000-acre Branch Brook Park, famous for its annual cherry blossoms.

The new owners of Branch Brook Gardens plan a thorough renovation program for the complex, which was built in the 1950s. Scheduled to begin immediately, the program will be headed by Audubon Communities Management partners Andrew Schwarz and Charles Reyher, who belong to the same team that has successfully upgraded and revitalized many other communities in the greater New York and Philadelphia areas.

"Branch Brook was built solidly; you can see the quality of workmanship that was employed in its original construction," said Mr. Reyher. "We simply need to update the interiors and eliminate the deferred maintenance on the exterior."

Noting the strong demand for quality housing in Northern New Jersey, Mr. Reyher said that Branch Brook Gardens will become "one of the area's highest quality residences--the property of choice for individuals and working families."

"We are especially pleased to be investing in Belleville, which is a tightly knit community that really cares about the future of the town. And Belleville provides tremendous value for residents, especially given its proximity to nearby business hubs and the fact that it is only 20 minutes from the Lincoln Tunnel."

Among the major elements of the upgrade will be a totally renovated exterior, including new siding, shutters, front doors and entry stairways. The interior of the units will be renovated as they become vacant.