A joint venture between Invel Capital and Pearlmark Real Estate has secured $27.5 million in acquisition financing for The West, a 70-unit luxury multifamily property in West Orange, N.J., for $40.8 million.
JLL worked on behalf of the seller, a joint venture between Varma Real Estate and Garas Development and also represented the buyer in securing a loan through a life insurance company.
Built in 2023, The West features spacious one- to three-bedroom layouts averaging 1,305 square feet with modern interiors, including sleek kitchens, Samsung stainless-steel appliances, large walk-in closets and in-unit laundry. Amenities include a fitness center, yoga studio, two rooftop terraces, resident clubhouse and outdoor barbeque areas. The community also features 1,785 square feet of ground-floor retail space that is fully occupied. In addition to the recently built multifamily community, there is a newly constructed 17,000-square-foot Primrose School secured by a long-term le
