Listen to this articleThe basics:
- The West, a 70-unit luxury multifamily property in West Orange, sells for $40.8M
- JLL arranges sale, secures financing for buyer JV
- Amenities include rooftop terraces, fitness center
- Property sits near Turtle Back Zoo with strong local demographics
A 70-unit luxury multifamily property in West Orange – located near the Essex County Turtle Back Zoo – sold for $40.8 million in a deal arranged by JLL Capital Markets.
The firm announced the transaction Dec. 3. JLL worked on behalf of the seller, a joint venture between Morristown-based Varma Real Estate and Garas Development of Livingston. It also represented the buyer, a JV between Invel Capital from Summit and Pearlmark Real Estate, in securing a loan through an unnamed life insurance company. In November, Commercial Observer reported Western & Southern Life Insurance lent the $28 million for the deal.
Located at 555 Northfield Ave., The West was built in 2023 on the site of the former Turtle Brook Inn. It features one-, two- and three-bedroom layouts with an average of 1,305 square feet. Units offer modern interiors with Samsung stainless-steel appliances, walk-in closets and in-unit laundry. Community amenities include a fitness center, yoga studio, two rooftop terraces, resident clubhouse and outdoor barbecue areas.
In addition to 1,785 square feet of occupied ground-floor commercial space, a new child care center sits on the same tax parcel. According to JLL, the newly constructed, 17,000-square-foot Primrose School serves as part of the loan collateral.
‘An exceptional opportunity’
Senior Managing Directors Michael Oliver, Steve Simonelli and Jose Cruz; Senior Director Ryan Robertson; and Directors Elizabeth DeVesty and Austin Pierce led the JLL Capital Markets Investment Sales and Advisory team. Senior Managing Director Michael Klein, Director Gerard Quinn and Analyst Christian Badalamenti spearheaded the Debt Advisory team.
“The West represented an exceptional opportunity to acquire a recently delivered asset in one of New Jersey’s most supply-constrained submarkets with significant income upside through mark-to-market rent adjustments and implementation of additional revenue streams,” said Oliver.
According to Zillow, the average monthly rent in West Orange is $2,500 — 25% above the national average.
JLL highlighted the town’s strong area demographics, including an average household income of $247,000 within a 1-mile radius along with an 83% white collar workforce.
The West at 555 Northfield Ave.
Due to land scarcity and strict zoning, JLL said it expects the local market to remain competitive and supply constrained for the foreseeable future.
Niche gives West Orange an overall A grade. The suburb earned highest marks in Outdoor Activities, Diversity, Good for Families, Public Schools and Health & Fitness. Beyond the Turtle Back Zoo and Treetop Adventure Course, other nearby attractions include Codey Ice Arena and the Orange Reservoir along with walking trails and Essex Green Shopping Center. It also offers proximity to The Mall at Short Hills and Cooperman Barnabas Medical Center.
JLL characterized The West as a transit-oriented development. The property sits across from the South Mountain Arena Park N Ride. The depot offers 1,550 commuter parking spaces with direct bus service to the New York City Port Authority Bus Terminal.
