BELLEVILLE, N.J. — Connecticut-based SYM Investments has purchased SilverLake Apartments, a 232-unit multifamily complex in Belleville, about 10 miles west of New York City, for $80 million. Completed in early 2022, SilverLake Apartments consists of two five-story buildings that feature studio, one- and two-bedroom floor plans. Amenities include a fitness center, dog park, game room, entertainment lounge with a kitchen, rooftop terrace, business center and package lockers, as well as 17,024 square feet of commercial space that is fully leased. Mike Oliver, Steve Simonelli, Jose Cruz, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Baltimore-based developer Klein Enterprises, in the transaction. Michael Klein, Thomas Didio Jr., Gerard Quinn and Joseph Gruber, also with JLL, originated a $56 million Freddie Mac acquisition loan on behalf of SYM Investments.
SilverLake Apartments in Belleville, which was delivered with 87 percent of its units preleased, was 94 percent occupied at the time of sale.
SYM Investments Buys Apartment Complex in Belleville, New Jersey for $80M
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