Cushman & Wakefield has brokered the investment sale of Edison Lofts, a two-building luxury multifamily community in West Orange, NJ, for $131 million. The property, located at 33 Ashland Ave., totals 334 apartments and includes nearly 19,000 square feet of retail space, positioning it as a mixed-use offering in a competitive Northern New Jersey investment market.
The Edison Lofts community is comprised of two distinct residential components. The Residences at Edison Lofts is a 300-unit conversion of the historic Thomas Edison Battery Building, a former manufacturing facility that has been repurposed for modern multifamily use. Adjacent to it is The Mews at Edison Lofts, a 34-unit ground-up residential building that rounds out the 334-unit portfolio. Together, the assets provide scale and a mix of historic and contemporary product that has resonated with renters.
The Cushman & Wakefield investment sales team of Niko Nicolaou, Ryan Dowd, JP Hohl, Michael Guerra, Kelly Kellett and Alexandria Russo Ebers represented both the seller, Prism Partners and its capital partners, and the buyer, Sym Investments. Their mandate covered the full marketing and negotiation process for both sides of the transaction, underscoring ongoing investor interest in well-located multifamily assets in Northern New Jersey.
On the financing side, Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged a $91.7 million acquisition loan on behalf of the buyer. The financing was structured with a full-term interest-only feature and was provided by New York Life. The loan supports Sym Investments’ acquisition of the Edison Lofts portfolio and reflects continued engagement from insurance company lenders in stabilized multifamily product.
Commenting on the transaction, Nicolaou noted that Edison Lofts drew strong investor attention due to its combination of historic character, scale, amenities and accessibility, a mix that he described as increasingly difficult to replicate in the current environment. He added that the community’s strong occupancy levels and a favorable tax pilot contributed to its appeal, making it a rare opportunity to acquire a well-positioned multifamily property in one of Northern New Jersey’s most active investment markets.
The transaction highlights ongoing capital flows into multifamily assets that pair adaptive reuse with new construction, particularly in submarkets with established renter demand. With both an institutional sale and a sizable acquisition loan executed, Edison Lofts illustrates how investors and lenders are targeting stabilized, high-occupancy communities supported by local tax incentives and durable demand drivers.
