Invel Capital Leads Acquisition of Class A Essex County Rentals
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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80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
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312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout