JLL Capital Markets announced on Wednesday that it has facilitated the $40.8 million sale and arranged $27.5 million in acquisition financing for The West, a premier luxury multifamily property located in West Orange
The transaction involved JLL working on behalf of the seller, a joint venture between Varma Real Estate and Garas Development. JLL also represented the buyer, a joint venture between Invel Capital and Pearlmark Real Estate, in securing a loan through a life insurance company.
A modern asset in a high-demand market
Built in 2023, The West is a 70-unit community designed to meet the growing demand for high-end suburban living. The property features spacious one- to three-bedroom layouts, with units averaging 1,305 square feet. Residences boast modern interiors, including sleek kitchens, Samsung stainless appliances, large walk-in closets, and in-unit laundry.
Residents have access to a robust amenity package, which includes:
- A fitness center and yoga studio
- Two rooftop terraces
- A resident clubhouse
- Outdoor BBQ areas
In addition to the residential component, the property includes 1,785 square feet of fully occupied ground-floor retail space. Also located on the same tax parcel is a newly constructed, 17,000-square-foot Primrose School secured by a long-term lease, which served as part of the collateral for the loan.
Strategic location and strong market demographics
Located at 555 Northfield Ave, The West is positioned just 30 minutes from Manhattan. It is a Transit-Oriented Development (TOD), situated directly across from the South Mountain Arena Park N Ride, offering 1,550 commuter parking spaces and direct bus service to New York City’s Port Authority Bus Terminal.
The property benefits from proximity to key local attractions, including the Turtle Back Zoo, Treetop Adventure Course, Codey Ice Arena, the Essex Green Shopping Center, and the Cooperman Barnabas Medical Center.
West Orange presents strong demographics, with an average household income of $247,000 within a one-mile radius and a workforce that is 83% white-collar. The market for Class A products remains highly competitive due to strict zoning regulations and scarcity of land, ensuring the submarket will likely remain supply-constrained for the foreseeable future.
Expert execution
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Michael Oliver, Steve Simonelli and Jose Cruz, Senior Director Ryan Robertson, and Directors Elizabeth DeVesty and Austin Pierce.
The Debt Advisory team was spearheaded by Senior Managing Director Michael Klein, Director Gerard Quinn, and Analyst Christian Badalamenti.
“The West represented an exceptional opportunity to acquire a recently delivered asset in one of New Jersey’s most supply-constrained submarkets with significant income upside through mark-to-market rent adjustments and implementation of additional revenue streams,” Oliver said.
“The lender recognized this opportunity and was able to efficiently execute an attractive financing solution for Invel & Pearlmark in today’s competitive lending environment,” Quinn added.
