Silver Lake, a 232-unit luxury apartment project in Belleville, is slated for completion this summer. — Courtesy: Klein Enterprises
By Joshua Burd
A developer is detailing plans for a new luxury apartment project in Belleville, as it touts a $200 million capital infusion to expand into New Jersey and throughout the East Coast.
Based in Baltimore, Klein Enterprises is eyeing a summer delivery for the 232-unit property at 115 Belmont Ave. The development known as Silver Lake will mark the company’s first in New Jersey, with a location adjacent to NJ Transit light rail service and a host of upscale amenities within a larger mixed-use project.
Klein is developing the project in a joint venture with Black Oak Associates. March Associates Construction is serving as the construction manager.
The news comes alongside the company’s announcement that Almanac Realty Investors, a business unit of the investment management firm Neuberger Berman, has committed up to $200 million to further its growth strategy. The infusion will allow Klein to pursue new and ongoing development and acquisition opportunities in order to expand throughout the East Coast, primarily in the Mid-Atlantic region.
The firm’s existing portfolio includes some 2,500 multifamily units and more than 2.5 million square feet of commercial properties, according to a news release.
“This strategic partnership represents the next phase of our growth strategy and we’re honored to work with such a distinguished organization to drive us forward,” said Daniel Klein, president of Klein Enterprises. “We view Almanac to be a best-in-class provider of growth capital to real estate companies, and we believe now is the right time to establish a partnership based on the opportunities we see and where we are in our company’s trajectory.”
According to the firm, the Almanac investment is the culmination of a capitalization strategy that began with larger-scale investment syndications and continued with the formation of Klein’s consolidated property holding company, KE Holdco LLC. The developer will use the capital for continued acquisitions and ground-up multifamily, self-storage, industrial, flex and office and retail projects.
“This investment serves as a testament to our team’s diligent efforts and success, and we’re excited to pursue new development and acquisition opportunities across the asset spectrum with Almanac’s institutional support,” said Sean Garland, Klein’s chief investment officer.
Based in New York, Almanac is the private real estate investment arm of Neuberger Berman, with a focus on providing growth capital to real estate operating companies and investment managers, the news release said.
“Klein Enterprises is a deep-rooted organization with a talented leadership team and a successful track record of value creation,” said Madeline Wick, a senior vice president at Almanac. “The company is well positioned to continue to grow its diversified portfolio of residential and commercial real estate assets. We are pleased to partner with Klein and support its next phase of growth.”