Invel Capital completed the acquisition of 555 Northfield Ave., a transit-oriented class-A multifamily community comprising 70 residential units and two commercial units, located in West Orange, NJ. A joint venture led by Invel in partnership with Chicago-based Pearlmark Real Estate acquired the Essex County property for $40.8 million
The deal was brokered by JLL Capital Markets, led by Michael Oliver, Steve Simonelli, Jose Cruz, Ryan Robertson, Elizabeth DeVesty and Austin Pierce. Financing for the acquisition was secured by JLL’s Debt Advisory Team, led by Michael Klein and Gerard Quinn.
“We were drawn to this opportunity by a combination of factors that afford the property a unique, durable competitive advantage in a rapidly shifting marketplace,” said Invel managing principal Ryan Goldstein. “We look forward to fostering an improved resident experience through community events, enhanced amenity and service programming, portfolio efficiencies and the hands-on, resident-centric approach of our affiliate property management firm.”
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