JLL Capital Markets has finalized the $80 million sale and $56 million acquisition financing for SilverLake Apartments, a 232-unit Class A community in Belleville. The transaction underscores the sustained investor appetite for premium transit-oriented assets in Essex County.
JLL represented the seller, Klein Enterprises, and worked with the buyer, Sym Investments, to secure five-year, fixed-rate financing through Freddie Mac.
Built in 2021, SilverLake Apartments is positioned as a premier commuter hub at 155 & 165 Belmont Ave. The property offers a direct connection to the region’s major economic centers:
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To Newark Penn Station: 15 minutes via the adjacent SilverLake Light Rail Station.
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To New York City: A total 40-minute commute to NY Penn Station.
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Highway Access: Immediate proximity to Route 21, I-280, and the Garden State Parkway.
The acquisition comes as Essex County experiences a surge in “renter-majority” suburbs. In the Upper Essex submarket, occupancy rates remain exceptionally tight, averaging over 95.7%.
SilverLake Property Highlights:
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Composition: Two five-story buildings featuring studios, one-, and two-bedroom units.
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Commercial Anchor: 17,024 SF of retail space (100% leased) with a secure regional tenant through 2035.
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Tax Efficiency: Benefits from a long-term Tax PILOT agreement with 27 years remaining.
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Occupancy: Currently 94% leased at the time of sale.
“SilverLake represents a premier Class-A community in one of New Jersey’s most well-connected suburban markets,” said Mike Oliver, Senior Managing Director at JLL. “The property’s favorable PILOT structure and proximity to employment centers make it an exceptional investment.”
Despite broader market shifts, high-quality multi-family housing continues to attract diverse capital. According to JLL, the bidding process for the SilverLake financing saw intense competition from life insurance companies, alternative lenders, and agency sources.
“This is further evidence of lenders’ strong appetite to lend on well-located, high-quality multifamily assets,” added Gerard Quinn, JLL Senior Director.
The JLL Investment Sales team was led by Mike Oliver, Steve Simonelli, Jose Cruz, Elizabeth DeVesty, and Austin Pierce. The financing was arranged by Michael Klein, Thomas E. Didio Jr., Gerard Quinn, and Joseph Gruber.
