Md. real estate firms partner to sell N.J. apartment complex

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Three Baltimore-area real estate companies were involved in a joint venture to sell Silverlake Apartments, a 232-unit multifamily community located in Belleville, N.J. 

The parties involved in the transaction – Klein Enterprises, Black Oak Associates and MCB Real Estate – were responsible for delivering the property in 2021. Located in Northern New Jersey, Silverlake Apartments features studio, one and two-bedroom residences along with several modern amenities, according to a release. 

Klein said it is kicking off the new year with the opening of The Kempson, its second New Jersey apartment development. The 272-unit luxury mid-rise is located in Metuchen, Middlesex County. 

“Silverlake represented an important strategic expansion for our multifamily platform and a successful collaboration with Black Oak Associates,” said Sean Garland, Klein Enterprises’ chief investment officer. 

“From entitlements, through construction, lease-up and stabilization, the project achieved our collective business plan objectives and reinforced our ability to operate within high barrier-to-entry markets such as Northern N.J.”

Silverlake Apartments has experienced strong leasing performance since opening, according to Klein Enterprises.

“The neighborhood of Silver Lake lacked large scale investments for decades,” said Dara Hewat, managing partner of Black Oak Associates.

“We were grateful for the opportunity to transform an overlooked property back into a vibrant part of the local community by providing new housing and retail to an area that already benefited from a rich history and proximity to major job centers.” 

Klein is based in Pikesville, MCB in Baltimore and Black Oak Associates in Towson.