Buyer Expands New Jersey Portfolio With 232-Unit Acquisition

Features January 16, 2026| | Amy Wolff Sorter

Sym Investments expanded its New Jersey footprint with the $80 million acquisition of SilverLake Apartments, a transit-oriented, 232-unit property in Belleville. The Cedar Hill, NY buyer shook hands with the asset’s developer, Klein Enterprises, on the two-building property at 155 & 165 Belmont Ave.

JLL represented the buyer and found the seller through a marketing process. “The buyer is looking to expand its portfolio in the suburban New York Metro, especially in New Jersey,” Mike Oliver, JLL Senior Managing Director, told ApartmentBuildings.com.

Sym Investments’ New Jersey holdings include the 363-unit Rivet Complex in Jersey City (acquired for $121 million in 2025) and the 288-unit Hudson Mews Apartments in North Bergen.

JLL also secured a $56 million, five-year, fixed-rate acquisition loan through Freddie Mac. “The agency provided a competitive rate and 70% LTV,” JLL Senior Director Gerard Quinn told ApartmentBuildings.com. He explained that the deal generated significant competition from various capital sources, including banks, life insurance companies, agencies, and alternative lenders.

SilverLake Apartments, the seller’s first New Jersey build, came online in 2021 and is currently 94% occupied. The property benefits from a Tax PILOT agreement with 27 years remaining.

In addition to the residential units, the multifamily property offers 17,024 square feet of ground-floor retail. The space is 100% occupied by Phenix Salon & Suites and Silverlake Wine and Spirits.

SilverLake offers studios and one- and two-bedroom units ranging from 690 to 1,015 square feet. On-site amenities include a dog park and pet spa, a fitness center, a game room, a rooftop lounge with a kitchen, a landscaped outdoor courtyard with lounge seating and grilling stations, and a business center.

The property offers ideal connectivity to major employment hubs in Northern New Jersey and New York City, due to its proximity to the SilverLake Light Rail Station. There is also easy access to Route 21, Interstate 280 and the Garden State Parkway.

“This past year saw a great deal of multifamily transaction activity in Essex County,” Oliver said. JLL handled area deals, including the $40.8 million sale of The West in West Orange, NJ and a $15.4 million refinance for The Clair in Montclair, NJ.

Additional JLL team members who handled SilverLake’s sale and financing included Senior Managing Directors Steve Simonelli, Jose Cruz, Michael Klein, and Thomas E. Didio Jr.; Directors Elizabeth DeVesty and Austin Pierce; and Senior Analyst Joseph Gruber.

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Brokers

Remax Professionals

Jared Ennis

Rick Recckio

Eamonn McConnell

Lenders

Management

Essex Property Trust, Inc.

Josh A

Bob Tuteur

Andrew Schildcrout