JLL Capital Markets, based in Morristown, announced on Jan. 8 that it has secured the $80 million sale and $56 million acquisition financing for SilverLake Apartments, a 232-unit Class A market-rate community in Belleville.
JLL worked on behalf of the seller, Baltimore-based Klein Enterprises, a 75-year-old, fourth-generation real estate development company. JLL also represented the buyer, Sym Investments, an 11-year-old boutique real estate investment firm, to secure the five-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital.
SilverLake features 17,024 square feet of commercial space that is 100% leased, with a regional tenant occupying 71% of the space under a secure lease through 2035.
JLL Capital Markets’ investment sales and advisory team was led by Senior Managing Directors Mike Oliver, Steve Simonelli and Jose Cruz, and Directors Elizabeth DeVesty and Austin Pierce. Senior Managing Directors Michael Klein and Thomas E. Didio Jr., Senior Director Gerard Quinn and Senior Analyst Joseph Gruber arranged the financing.
“SilverLake represents a premier Class-A apartment community in one of New Jersey’s most well-connected suburban markets,” said Oliver. “The property’s strong occupancy, favorable PILOT (payment in lieu of taxes) structure and proximity to major employment centers make it an exceptional investment opportunity.”
Built in 2021, SilverLake comprises two five-story buildings with studios, one- and two-bedroom apartments totaling 177,519 square feet of rentable space. The property features elevated ceilings and in-unit washers and dryers, alongside amenities such as a lounge, outdoor courtyard, fitness center and business center. The community is 94% leased and benefits from a Tax PILOT agreement with 27 years remaining.
The property, at 155 & 165 Belmont Ave. in Belleville, is near major employment hubs in Northern New Jersey and New York City. The apartment community is less than a half mile from the SilverLake Light Rail Station, a 15-minute ride to Newark Penn Station and a total 40-minute commute to New York Penn Station. The community also has access to major highways, including Route 21, Interstate 280 and the Garden State Parkway.
Essex County is a highly desirable suburban market with an average household income of $129,524, where 56% of households are renters. The immediate submarket in Upper Essex County boasts consistently high occupancy rates, averaging over 95.7%.
“We are pleased to add another recently developed multifamily asset to our Northern New Jersey portfolio. This acquisition allows us to capitalize on the region’s continued growth with an institutional-quality property,” said Leon Mayer of Sym Investments.
Over the past five years, Sym Investments has acquired institutional-quality assets, with total acquisitions approaching $1 billion, and has completed more than $250 million in asset sales. The firm has managed more than 2,200 multifamily units across the tri-state area.
