320 Valley St. in South Orange — Courtesy: Invel Capital
By Joshua Burd
A privately held firm has added to its portfolio with the purchase of a recently developed, 22-unit apartment building in downtown South Orange.
The buyer, Invel Capital, said it paid $9.3 million for the property at 320 Valley St. The New York-based firm noted that the building, completed in 2019, includes a mix of one- and two-bedroom apartments and a 2,500-square-foot commercial space, along with an enclosed 35-space parking garage and a 4,000-square-foot outdoor patio space.
Invel Capital acquired the structure from its original developer, in an off-market transaction.
“We are excited to play a role in the continuing growth of South Orange and consider 320 Valley one of the premier apartment communities in this market,” said Ryan Goldstein, the firm’s managing principal. “The property’s large units, convenient access to neighborhood amenities, and abundant outdoor space and parking have made it stand out to renters as a boutique, transit-oriented luxury housing community.
“We are confident that South Orange, which already benefits from strong demographics and rental demand, will continue to thrive as renters, homeowners and investors increasingly pursue opportunity in vibrant and walkable suburban environments near major cities.”
The firm added that 320 Valley is within walking distance of the South Orange train station, which offers a 30- to 35-minute direct commute into New York Penn Station.