JLL Closes $80M Sale of Northern NJ Apartments
JLL Capital Markets secured the $80-million sale and $56-million acquisition financing for SilverLake Apartments, a 232-unit Class A market-rate community in Belleville, NJ. The firm worked on behalf of the seller, Klein Enterprises. JLL also represented buyer, Sym Investments, to secure the five-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC.
SilverLake Apartments, built in 2021 and located at 155 & 165 Belmont Ave. in Belleville, Essex County, sits near the SilverLake Light Rail Station, providing residents with a 15-minute ride to Newark Penn Station and a total 40-minute commute to New York Penn Station. The community also offers convenient access to major highways, including Route 21, Interstate 280 and the Garden State Parkway.
JLL Capital Markets’ Investment Sales and Advisory team was led by senior managing directors Mike Oliver, Steve Simonelli and Jose Cruz and directors Elizabeth DeVesty and Austin Pierce. Senior managing directors Michael Klein and Thomas E. Didio Jr., senior director Gerard Quinn and senior analyst Joseph Gruber arranged the financing.
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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
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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