Belleville Apartment Complex Sells For $80 Million, Nails Down $56 Million In Financing

BELLEVILLE, NJ — An apartment complex in Belleville has sold for $80 million, developers announced Thursday.

SilverLake Apartments, located at 155 and 165 Belmont Avenue, was built in 2021. The property – which spans two, five-story buildings – includes 232 housing units and 17,024 square feet of commercial space that is fully leased. It is located nearby NJ Transit’s Silver Lake Light Rail Station.

The property benefits from a payment in lieu of taxes (PILOT) agreement with 27 years remaining, developers said.

According to JLL Capital Markets, the new owner – boutique real estate investment firm Sym Investments – purchased the property for $80 million from the seller, Baltimore-based Klein Enterprises.

“SilverLake represents a premier Class-A apartment community in one of New Jersey's most well-connected suburban markets,” said Mike Oliver, a senior managing director with JLL Capital Markets.

“The property's strong occupancy, favorable PILOT structure and proximity to major employment centers make it an exceptional investment opportunity,” Oliver said.

The new owner has also secured $56 million in acquisition financing through a five-year, fixed-rate loan via Freddie Mac.

JLL Capital Markets reported that Essex County continues to be a “highly desirable suburban market,” with an average household income of $129,524 – where 56 percent of households are renters.

“The immediate submarket in upper Essex County boasts consistently high occupancy rates, currently averaging over 95.7 percent,” the firm said.

• See Related: North Jersey Apartment Hunters Face Tough Competition, Report Says

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