The West

By Cecilia Levine From Daily Voice

A luxury multifamily community in North Jersey has changed hands in a $40.8 million sale, along with $27.5 million in acquisition financing, JLL Capital Markets said Wednesday, Dec. 3.

JLL said it arranged both sides of the deal for The West, a 70-unit property at 555 Northfield Ave., in West Orange. The firm represented the seller, a joint venture between Varma Real Estate and Garas Development, and also represented the buyer, a joint venture between Invel Capital and Pearlmark Real Estate. JLL said the loan was secured through a life insurance company.

Built in 2023, The West features one- to three-bedroom apartments averaging 1,305 square feet, with modern kitchens, Samsung appliances, walk-in closets and in-unit laundry, according to JLL. Amenities include a fitness center, yoga studio, two rooftop terraces, a resident clubhouse and outdoor BBQ areas. The site also includes 1,785 square feet of fully occupied retail space and a newly built 17,000-square-foot Primrose School on a long-term lease.

The property sits across from the South Mountain Arena Park-N-Ride, which has 1,550 parking spaces for commuters heading into New York City’s Port Authority Bus Terminal, JLL said. Nearby attractions include Turtle Back Zoo, Codey Arena, Essex Green Shopping Center and the Orange Reservoir walking trail.

According to JLL, the West Orange market remains competitive, with high demand, strong incomes and limited opportunities for new development.

JLL’s 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 led by Senior Managing Director Michael Klein, Director Gerard Quinn and Analyst Christian Badalamenti.

JLL provides global capital solutions for real estate investors and occupiers through more than 3,000 specialists in nearly 50 countries.