Invel Capital Acquires Waldwick Station Apartments in Northern New Jersey for $39M

WALDWICK, N.J. — Locally based investment firm Invel Capital has acquired Waldwick Station, a 111-unit apartment complex in Northern New Jersey, for $39 million. Built in 2017, Waldwick Station features one- and two-bedroom units and roughly 1,000 square feet of retail space that is leased to a café/creperie. Amenities include a rooftop terrace, fitness center and a resident lounge. Brian Whitmer, Niko Nicolaou and Ryan Dowd of Cushman & Wakefield brokered the off-market deal. The seller was not disclosed. Michael Klein, Gerard Quinn and John Cumming of JLL arranged acquisition financing through an undisclosed lender on behalf of Invel Capital. Ben Schlegel and Paul McCormick of Ariel Property Advisors arranged $9 million in joint venture equity for the deal through an undisclosed partner.