Invel Capital completes the acquisition of a multifamily community

West Orange, NJ Invel Capital has completed the acquisition of 555 Northfield Ave., a transit-oriented class-A multifamily community comprising 70 spacious residential units and two commercial units – including a 17,000 s/f school facility. The property, completed in 2023, also features an extensive amenity set including covered parking with EV charging stations, a state-of the-art fitness center, yoga room, three rooftop terraces, two resident lounges, and a dog run. 

A joint venture led by Invel Capital in partnership with Chicago-based Pearlmark Real Estate acquired the 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. 

Ryan Goldstein, managing principal of Invel Capital, said, “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. 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.” The property will be managed by Vinyl Real Estate Management on behalf of new ownership. 

The property is a short walk from the 1,550-space Park-N-Ride, which offers direct bus service to Midtown Manhattan, the Essex County Turtleback Zoo, the 2,110-acre South Mountain Reservation, as well as various dining, shopping, entertainment and employment opportunities. West Orange benefits from high density, strong demographics, limited class-A multifamily supply and robust demand.