Apartment Complex In West Orange Sells For $40.8 Million

WEST ORANGE, NJ — A Summit-based real estate firm has purchased a property in Essex County for $40.8 million.

A joint venture led by Invel Capital in partnership with Chicago-based Pearlmark Real Estate announced its acquisition of 555 Northfield Avenue in West Orange last week.

The property – completed in 2023 – comprises 70 residential units and two commercial units, including a 17,000-square-foot school facility. It also features amenities including covered parking with EV charging stations, a fitness center, a yoga room, three rooftop terraces, two resident lounges and a dog run.

West Orange benefits from “high density, strong demographics, limited class-A multifamily supply and robust demand,” 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,” managing principal Ryan Goldstein said.

The property will be managed by Vinyl Real Estate Management on behalf of the new ownership. The deal was brokered by JLL Capital Markets.

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