Waldwick Station at 41 West Prospect St. in Waldwick — Courtesy: Invel Capital
By Joshua Burd
Invel Capital has acquired a 111-unit multifamily property in Waldwick for $39 million, adding an asset that was built less than a decade ago and is steps from NJ Transit rail service.
The firm noted that the Waldwick Station property, located at 41 West Prospect St., opened in 2017 with a mix of studio, one-bedroom and two-bedroom rentals and a series of amenities. It is immediately west of a stop on NJ Transit’s Main/Bergen County Line, providing commuter rail service to Manhattan, while it’s also steps from Waldwick’s downtown shopping district.
Brian Whitmer of RePropCo Capital Advisors in partnership with Cushman & Wakefield’s Niko Nicolaou and Ryan Dowd arranged the off-market sale, while JLL’s Michael Klein, Gerard Quinn and John Cumming arranged financing for the deal.
“We were excited by the opportunity to acquire a best-in-class community in an irreplicable location, within one of the most sought-after markets in the nation,” Ryan Goldstein, Adam Szabo and Steven Heller, managing principals of Summit-based Invel Capital, said in a joint statement. “We look forward to continuing Waldwick Station’s legacy as a luxury, transit-oriented community that provides the ideal blend of luxury, unique character and access to commerce, entertainment and nature.”
Built by Russo Development and Dinallo Construction Corp., Waldwick Station opened in fall 2017 as part of a project designed by MHS Architecture. The building is notable in that it sits on a long, thin footprint between a residential neighborhood to the west and the train station to the east, blending the two environments with two distinctly different facades.
The project has brought new life to a site that once housed DeMartini Coal and Lumber Cos., which had been vacant since 2013. Today, it’s home to residents who have access to a 992-square-foot café, covered parking and amenities such as a modern fitness center, a rooftop terrace and a lounge, with a management team led by Vinyl Real Estate Management.
