An investor recently added Edison Lofts in West Orange to its portfolio, following the $131 million sale of the luxury multifamily property.

Cushman & Wakefield arranged the deal for the 333-unit community located at 33 Ashland Ave. in the Essex County township. According to the Aug. 18 announcement, a CushWake team also secured acquisition financing for the deal.

Beyond the apartments, the Prism Capital Partners LLC-developed property also features 19,000 square feet of retail space. Completed in 2018, the historic preservation of the Thomas Edison Battery Building has earned distinction for its design. The property was 95% occupied at the time of sale.

Cushman & Wakefield Vice Chair Niko Nicolaou described Edison Lofts as a rare opportunity in one of North Jersey’s most active investment markets.

“[I]t offers a combination that is increasingly difficult to replicate … The property delivers the character of a historic conversion with the scale, amenities and accessibility that continue to resonate with today’s renters,” he explained, also “coupled with strong occupancy and a favorable tax PILOT.”

An ‘increasingly selective’ market

The CushWake team represented both the seller, Prism Partners and its capital partners, and the buyer, Sym Investments. Beyond Nicolaou, the group also included Managing Director Ryan Dowd, Associate Director JP Hohl, Senior Financial Analyst Michael Guerra, Senior Marketing Specialist Kelly Kellett and Senior Transaction Specialist Alexandria Russo Ebers.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Executive Vice Chair John Alascio, Vice Chair Brad Domenico and Executive Director Chuck Kohaut arranged a $91.7 million acquisition loan featuring a full-term interest-only structure from New York Life.

“Securing this level of execution in today’s market is increasingly selective,” Alascio said. Edison Lofts fit the bill, he added, saying that “lenders are focused on durability of cash flow, sponsorship and asset quality.”

Edison Lofts comprises two residential buildings:

• 300-unit conversion The Residences at Edison Lofts
• 34-unit ground-up build The Mews at Edison Lofts

The 32,000-square-foot amenity package includes an indoor pool, resident lounges and outdoor spaces.

Edison Lofts sits directly off Interstate 280, offering access to employment centers, retail, recreation, healthcare, dining and more. A movie studio is proposed for behind Edison Lofts, located adjacent to Thomas Edison’s Black Maria site.