Pearlmark and Invel Capital have successfully completed the purchase of Waldwick Station, a 110-unit multifamily property located in the affluent Bergen County community of Waldwick, NJ. The property was built in 2017 and is conveniently situated next to the Waldwick NJ Transit station with a footbridge providing direct access to train platforms. Deal terms were not disclosed.
Waldwick Station consists of one four-story building with an elevator and retail space totaling 922 square feet that is fully leased to a coffee shop. There is also a parking garage at ground level. This acquisition marks Pearlmark’s seventh investment through their value-add equity fund, Pearlmark Equity Partners II, L.P., based in Chicago.
CEO Stephen Quazzo expressed excitement about this opportunity stating that acquiring directly from the developer at an attractive price point with competitive rental rates provides significant protection against potential downside risks. He also mentioned looking forward to working alongside local player Invel and utilizing their expertise in property management for optimal performance.