Leon Mayer Of SYM Investments Acquires Multifamily Property At 155-165 Belmont Avenue For $80M

The property involved in this transaction is the SilverLake Apartments, a multifamily asset located at 155-165 Belmont Avenue in Belleville, New Jersey. The total sale price for the property was $80,000,000, which equates to approximately $344,828 per unit for the 232 units available. The asset is a five-year-old development with a leasing rate of 94%. Additionally, the property includes 17,024 square feet of fully leased retail space and has a remaining Payment in Lieu of Taxes (PILOT) of 27 years.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $80,000,000
• Buyer: Leon Mayer - SYM Investments
• Seller: Daniel Klein - Klein Enterprises
• Broker: JLL
• Lender: Freddie Mac
• Units: 232
• Price Per Unit: $344,828

The transaction was facilitated by broker JLL, who arranged $56 million in financing through Freddie Mac for the buyer, SYM Investments. Daniel Klein, representing Klein Enterprises, was the seller in this transaction. The successful transfer of the property highlights the involvement of key industry participants focused on multifamily assets in the Belleville market.