Cole Schotz P.C. has represented Sentinel Real Estate in its acquisition of a newly developed 423-unit luxury apartment community in West Orange.
Known as Stonehill at West Orange, the three-building complex is approximately 446,688 square feet set on 16 acres and boasts more than 44,000 square feet of amenities, including two fitness centers, multiple coworking spaces, lounges, coffee bars and concierge services.
Located adjacent to the Essex Green Shopping Center, Stonehill is about 16 miles west of Midtown Manhattan and offers residents a direct shuttle to NJ Transit’s Orange station. The site includes 816 parking spaces, some with direct garage access, and electric vehicle charging stations and provides access to more than 2,500 acres of public parks and well-known golf courses in the surrounding area.
Stonehill residents can select from one-to-three-bedroom units that offer customized upscale features, such as wine refrigerators, built-in desks, frameless shower doors and private outdoor spaces.
The acquisition of Stonehill aligns with Sentinel’s strategy to invest in high-end multifamily assets near key lifestyle and employment centers.
The Cole Schotz team worked to secure township approval of the transaction due to the property’s PILOT agreement and was also instrumental in guiding Sentinel through a complex diligence process. This included title review, coordinating with local counsel on lease and affordable housing matters, employment issues related to the on-site staff and structuring a reverse 1031 exchange.
The Cole Schotz team included members Leo Leyva, Rab Nalavala, Matthew Schneid, Jonathan Goodelman, Chris Caslin, Wendy Berger, Marissa Mastroianni, Jeffrey Schechter, associate Denise Krall and law clerk Gwendolyn Goodyear.
