MORRISTOWN. N.J., Dec. 3, 2025 – JLL Capital Markets announced today that it has arranged the $40.8 million sale and $27.5 million acquisition financing for The West, a 70-unit luxury multifamily property in West Orange, New Jersey.

JLL worked on behalf of the seller, a joint venture between Varma Real Estate and Garas Development and also represented the buyer, a joint venture between Invel Capital and Pearlmark Real Estate, 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 appliances, large walk-in closets and in-unit laundry. Amenities include a fitness center, yoga studio, two rooftop terraces, resident clubhouse and outdoor BBQ 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 lease that sits on the same tax parcel and serves as part of the loan collateral.

Ideally situated at 555 Northfield Ave, The West enjoys a prime location just 30 minutes from Manhattan and benefits from nearby attractions including Turtle Back Zoo and Treetop Adventure Course, Codey Ice Arena, the Orange Reservoir and walking trail, Essex Green Shopping Center, proximity to The Mall at Short Hills and the Cooperman Barnabas Medical Center. As a Transit-Oriented Development, the property sits across from the South Mountain Arena Park N Ride with 1,550 commuter parking spaces for commuters utilizing direct bus service into New York City’s Port Authority Bus Terminal and other employment centers in surrounding areas.

West Orange itself benefits from strong demographics with the one-mile radius showing $247,000 average household income and 83% white collar employees. Class A product remains limited due to land scarcity and strict zoning regulations limiting new development opportunities. This market is expected to remain highly competitive and supply constrained for the foreseeable future.

JLL Capital Market’s Investment Sales and Advisory team was led by Senior Managing Directors Michael Oliver, Steve Simonelli and Jose Cruz, Senior Director Ryan Robertson and Directors Elizabeth DeVesty and Austin Pierce. The Debt Advisory team was spearheaded by Senior Managing Director Michael Klein, Director Gerard Quinn and Analyst Christian Badalamenti.

"The West represented an exceptional opportunity to acquire a recently delivered asset in one of New Jersey's most supply-constrained submarkets with significant income upside through mark-to-market rent adjustments and implementation of additional revenue streams," said Oliver.

“The deal profile and location aligned perfectly with the borrower's proven track record and existing portfolio holdings," stated Quinn. "The lender recognized this opportunity and was able to efficiently execute an attractive financing solution for Invel & Pearlmark in today's competitive lending environment."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Varma RE Development specializes in land development, asset repositioning, redeveloping and managing mixed-use, institutional and multifamily properties nationwide with focus in North East US market. Varma RE Development offers turnkey investing solutions with fixed returns and limited joint venture opportunities for experienced investors looking to participate in ambitious developments.

Garas Development has been a trusted name in the New Jersey real estate market for over a decade, specializing in residential and multi-unit developments. The company has successfully delivered numerous high-quality homes and multi-family properties across the state, establishing a strong reputation for craftsmanship, integrity, and attention to detail.

With a diverse portfolio that spans from new construction developments to property flips and rental investments, Garas Development continues to expand its footprint throughout New Jersey. The company’s hands-on approach and commitment to excellence have made it a respected leader in both small- and large-scale real estate projects, consistently transforming communities and creating long-term value for investors and residents alike.

Invel Capital is a private, vertically integrated real estate firm founded in 2014 and based in New York City. Invel focuses on sourcing and executing uniquely attractive real estate acquisition, investment, development and capital advisory opportunities. 

Pearlmark is a Chicago-based investment firm that targets domestic core-plus to value-add real estate opportunities via commingled funds, separate accounts, and joint venture structures. Since 1996, the Pearlmark team has sponsored more than 15 real estate equity and debt investment programs and completed 605 real estate equity and debt transactions on behalf of investors, representing $6.3 billion in equity capital commitments, $14.7 billion in gross investment value, and 173 originated loans aggregating over $2.3 billion in commitments. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities nationwide across various property types (primarily industrial and multifamily). For more information, please visit https://www.pearlmark.com.