SilverLake at 165 Belmont Ave. in Belleville — Courtesy: JLL
By Joshua Burd
The owner of 232 luxury apartments in Belleville has put the property on the market for sale, in an offering that comes just two years after the completion of the two-building development.
According to JLL, which is representing the would-be seller, the complex at 165 Belmont Ave. is 97 percent leased and benefits from a payment in lieu of taxes agreement that has 27 years remaining. The property has enjoyed success since it opened in spring 2022, thanks in part to its location steps from the Newark Light Rail’s Silver Lake station and minutes from Route 21, Interstate 280 and the Garden State Parkway.
Known as SilverLake, the development also has upscale amenities such as a rooftop lounge, an outdoor courtyard, a fitness center and a pet spa, JLL said. Meantime, there is a 17,290-square-foot retail section that is fully leased, with a national tenant occupying 71 percent of the space under a lease through 2035.
Baltimore-based Klein Enterprises completed the property in 2022, with March Associates Construction serving as its general contractor.
“Situated near major highways and affluent areas like Montclair, SilverLake is ideally positioned to attract renters seeking luxury living with proximity to key employment hubs in Northern New Jersey and New York City,” JLL wrote in its offering materials. “SilverLake presents investors with a rare opportunity to acquire a Class A luxury apartment community located in the well-connected suburb of Belleville, NJ.”
JLL’s Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty, Eliott Zeitoune and Austin Pierce are spearheading the offering, with the firm’s Gerard Quinn and Thomas E. Didio Jr. available for financing advisory. They noted that the two five-story buildings house a mix of 40 studios, 108 one-bedrooms and 84 two-bedrooms, in a submarket that has 4.34 percent annual rent growth since 2019.
What’s more, JLL said there are currently no apartment properties of more than 50 units that are under construction within a one-mile radius.
Baltimore developer unveils 232-unit Belleville rental project, its first in New Jersey
