BELLEVILLE, N.J. — JLL has arranged the sale of and financing for SilverLake Apartments, a 232-unit community in Belleville, 15 miles northwest of Manhattan. The seller was Klein Enterprises, and the buyer was Sym Investments. The asset, built in 2021, traded for $80 million. JLL arranged a $56 million Freddie Mac acquisition loan for Sym.
SilverLake comprises two five-story buildings with a mix of studios, one- and two-bedroom units and 17,024 square feet of commercial space that is 100 percent leased. Seventy-one percent of the retail space is occupied by a regional tenant with a lease through 2035. An existing PILOT agreement remains in place for 27 years.
Amenities include a lounge, outdoor courtyard, fitness center and business center. The community was 94 percent leased at the time of the sale. Mike Oliver, Steve Simonelli, Jose Cruz, Elizabeth DeVesty and Austin Pierce led JLL’s investment sales team, and Michael Klein, Thomas E. Didio Jr., Gerard Quinn and Joseph Gruber arranged the financing.