555 Northfield Avenue, a 70-unit, mixed-use development built in 2023, recently changed hands for $40.8 million. The Class-A West Orange residential property also boasts two commercial units, including a 17,000-square-foot school.
In a joint-venture partnership with Pearlmark Real Estate, Summit-based Invel Capital enlisted JLL to complete the acquisition. JLL’s Capital Markets team of Michael Oliver, Steve Simonelli, Jose Cruz, Ryan Robertson, Elizabeth DeVesty, and Austin Pierce brokered the transaction. Michael Klein and Gerard Quinn of JLL Debt Advisory handled financing.
“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,” noted Ryan Goldstein, Managing Principal of Invel Capital. “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.”
On behalf of Invel Capital, Vinyl Real Estate Management will oversee the day-to-day management of the property. 555 Northfield Avenue is steps from the local Park-N-Ride, which connects commuters to Midtown Manhattan. Residents enjoy easy access to Turtleback Zoo, South Mountain Reservation, and many local dining, retail, and entertainment options.
