Cole Schotz P.C. on Thursday announced it successfully represented Sentinel Real Estate in its acquisition of a newly developed, upscale multifamily property in West Orange.
The acquired property, known as Stonehill at West Orange, is a 423-unit luxury apartment community situated on 16 acres, approximately 16 miles west of Midtown Manhattan. The three-building complex spans about 446,688 square feet and is located adjacent to the Essex Green Shopping Center.
The acquisition aligns with Sentinel’s strategy to invest in high-end multifamily assets located near key employment and lifestyle centers. Stonehill at West Orange is equipped with abundant amenities, including:
- Over 44,000 square feet of amenity space, featuring two fitness centers, multiple coworking spaces, lounges, and coffee bars.
- Concierge services.
- A direct shuttle service for residents to NJ Transit’s Orange station.
- 816 parking spaces, including direct garage access and electric vehicle (EV) charging stations.
The one-to-three-bedroom units offer premium features such as wine refrigerators, built-in desks, frameless shower doors, and private outdoor spaces.
The Cole Schotz team was instrumental in guiding Sentinel through a detailed and complex diligence process, ensuring the transaction’s successful completion. Their work included:
- Securing Township approval related to the property’s existing PILOT (Payment in Lieu of Taxes) agreement.
- Managing a complex due diligence process, including title review.
- Coordinating with local counsel on lease and affordable housing matters.
- Addressing employment issues for the on-site staff.
- Structuring a reverse 1031 exchange.
The Cole Schotz team that worked on the deal included members Leo Leyva, Rab Nalavala, Matthew Schneid, Jonathan Goodelman, Chris Caslin, Wendy Berger, Marissa Mastroianni, Jeffrey Schechter, associate Denise Krall and law clerk Gwendolyn Goodyear.
