555 Northfield Ave. in West Orange — Courtesy: Invel Capital
By Joshua Burd
A joint venture led by Invel Capital has acquired a 70-unit luxury apartment building in West Orange for nearly $41 million, in a transaction arranged and financed by JLL.
The Summit-based buyer, which partnered with Chicago-based Pearlmark Real Estate, noted that the property at 555 Northfield Ave. is just two years old and across the street from the 1,550-space Essex County Park N Ride. It also has two commercial units, including a 17,000-square-foot school facility, providing what brokers have previously described as additional streams of durable, long-term revenue for the asset.
JLL’s Michael Oliver, Steve Simonelli, Jose Cruz, Ryan Robertson, Elizabeth DeVesty and Austin Pierce brokered the $40.8 million sale. The firm’s Michael Klein and Gerard Quinn sourced acquisition financing.
“We were drawn to this opportunity by a combination of factors that afford the property a unique, durable competitive advantage in a rapidly shifting marketplace,” said Ryan Goldstein, managing principal of Invel Capital. “We look forward to fostering an improved resident experience through community events, enhanced amenity and service programming, portfolio efficiencies and the hands-on, resident-centric approach of our affiliate property management firm.”
The new owners have tapped Vinyl Real Estate Management to oversee the property, which has resident amenities such as covered parking with electric vehicle charging stations, a high-end fitness center, a yoga room, three rooftop terraces, two resident lounges and a dog run. Residents have direct bus service to Midtown Manhattan via the Park N Ride, while they’re also minutes from the Turtleback Zoo, the 2,110-acre South Mountain Reservation and a host of dining, shopping, entertainment and employment opportunities.
