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Invel Capital Leads Acquisition of Class A Essex County Rentals

Invel Capital completed the acquisition of 555 Northfield Ave., a transit-oriented class-A multifamily community comprising 70 residential units and two commercial units, located in West Orange, NJ. A joint venture led by Invel in partnership with Chicago-based Pearlmark Real Estate acquired the Essex County 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.

“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,” said Invel managing principal Ryan Goldstein. “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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition