JV Picks Up NJ Luxury Community
The asset shares land with a local school.
A partnership between Varma Real Estate and Garas Development has purchased The West, a 70-unit luxury community in West Orange, N.J. Invel Capital and Pearlmark Real Estate sold the asset for $40.8 million.
JLL Capital Markets facilitated the sale and arranged $27.5 million in acquisition financing provided by a life insurance company.
Built in 2023, The West is 95.7 percent occupied and comprises a mix of one-, two- and three-bedroom floor plans with an average size of 1,305 square feet. Apartments include stainless steel appliances, walk-in closets and in-unit laundry.
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The property also includes 1,785 square feet of fully occupied ground-floor retail space. A 17,000-square-foot school is on the same tax parcel, and serves as part of the loan collateral secured by a long-term lease.
Community amenities include a fitness center, yoga studio and resident clubhouse, in addition to rooftop terraces and outdoor barbeque areas.
Located at 555 Northfield Ave., The West is a transit-oriented development that is situated across from the South Mountain Arena Park N’ Ride, which provides bus service to New York City, about 30 minutes away.
North Jersey sales activity
North Jersey has seen several notable property sales this year, including Veris Residential’s $85 million sale of Signature Place, a 197-unit multifamily community in Morris Plains, N.J. Berkshire Residential picked up that asset, which had previously been converted from an office building, in July.
In May, Lincoln Equities Group purchased Ocean Gate, a 170-unit community in Long Branch, N.J. That property, which the new owners plan to convert into for-sale condominiums, sold for $121.5 million.
New Jersey recorded a 1.7 percent increase in year-over-year rent growth as of October, according to Yardi Matrix’s National Multifamily Report, outpacing the national figure of 0.5 percent. Month-over-month, New Jersey was one of only two metros, along with Detroit, to post positive rent growth, with the metro recording a figure of 0.1 percent.
