JLL Capital Markets has announced that it has arranged the $40.8 million sale and $27.5 million acquisition financing for The West, a 70-unit luxury multifamily property in West Orange.
JLL worked on behalf of the seller, a joint venture between Varma Real Estate and Garas Development, and represented the buyer, a joint venture between Invel Capital and Pearlmark Real Estate, in securing a loan through a life insurance company.
Built in 2023, The West features spacious one- to three-bedroom layouts averaging 1,305 square feet with modern interiors including sleek kitchens, Samsung stainless-steel appliances, large walk-in closets and in-unit laundry. Amenities include a fitness center, yoga studio, two rooftop terraces, a resident clubhouse and outdoor BBQ areas.
The community also features 1,785 square feet of ground-floor retail space that is fully occupied. Additionally, there is a newly constructed 17,000-square-foot Primrose School secured by a long-term lease that sits on the same tax parcel and serves as part of the loan collateral.
JLL Capital Markets’ Investment Sales and Advisory team was led by Senior Managing Directors Michael Oliver, Steve Simonelli and Jose Cruz, Senior Director Ryan Robertson and Directors Elizabeth DeVesty and Austin Pierce. The Debt Advisory team was spearheaded by Senior Managing Director Michael Klein, Director Gerard Quinn and Analyst Christian Badalamenti.
“The West represented an exceptional opportunity to acquire a recently delivered asset in one of New Jersey’s most supply-constrained submarkets with significant income upside through mark-to-market rent adjustments and implementation of additional revenue streams,” said Oliver.
“The deal profile and location aligned perfectly with the borrower’s proven track record and existing portfolio holdings,” said Quinn. “The lender recognized this opportunity and was able to efficiently execute an attractive financing solution for Invel and Pearlmark in today’s competitive lending environment.”
Ideally situated at 555 Northfield Ave, The West enjoys a prime location just 30 minutes from Manhattan. It benefits from nearby attractions, including Turtle Back Zoo and Treetop Adventure Course, Codey Ice Arena, the Orange Reservoir and walking trail, Essex Green Shopping Center, proximity to The Mall at Short Hills and the Cooperman Barnabas Medical Center.
As a transit-oriented development, the property sits across from the South Mountain Arena Park N Ride with 1,550 commuter parking spaces for commuters utilizing direct bus service into New York City’s Port Authority Bus Terminal and other employment centers in surrounding areas.
