A major real estate deal was finalized in Essex County as JLL Capital Markets announced it secured an $80 million sale and $56 million acquisition financing for a luxury apartment community, the firm announced.
The transaction involves the 232-unit SilverLake Apartments at 155 and 165 Belmont Ave. in Belleville, Essex County, according to JLL.
SilverLake Apartments sits just steps from the SilverLake Light Rail Station, giving residents a 15-minute ride to Newark Penn Station and a 40-minute commute to New York Penn Station, JLL said. The property also offers quick access to Route 21, Interstate 280, and the Garden State Parkway.
Built in 2021, SilverLake features two five-story buildings with studio, one-bedroom, and two-bedroom apartments totaling 177,519 square feet, JLL said. Amenities include premium appliances, high ceilings, in-unit washers and dryers, a resident lounge, outdoor courtyard, fitness center, and business center. The community is currently 94% leased and operates under a Tax PILOT agreement with 27 years remaining.
The property also includes 17,024 square feet of commercial space that is fully leased, with a regional tenant occupying 71% of the space under a lease running through 2035, according to JLL.
JLL worked on behalf of the seller, Klein Enterprises, and also represented the buyer, Sym Investments, to secure a five-year, fixed-rate loan through Freddie Mac, the company said. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo® Lender.
Essex County remains a strong rental market with an average household income of $129,524 and 56% of households renting, according to JLL. Upper Essex County continues to post high occupancy rates, averaging more than 95.7%.
The JLL Capital Markets Investment Sales and Advisory team was led by Mike Oliver, Steve Simonelli, and Jose Cruz, along with Elizabeth DeVesty and Austin Pierce. Financing was arranged by Michael Klein, Thomas E. Didio Jr., Gerard Quinn, and Joseph Gruber, the firm said.