Varma and Garas Partnership Secures Luxury West Orange Asset for $40.8M

A joint venture between Varma Real Estate and Garas Development has purchased The West, a 70-unit luxury multifamily asset in West Orange, N.J.

By: AXL Media

Published: Mar 12, 2026, 6:49 AM EDT

Source: https://www.multihousingnews.com/

Asset Profile: Luxury Living and Institutional Collateral

Completed in 2023, The West represents a modern, high-stabilization asset currently boasting a 95.7 percent occupancy rate. The property is distinguished by its larger-than-average unit sizes and unique mixed-use components.

Residential Mix: 70 luxury units with an average size of 1,305 square feet, featuring one-, two-, and three-bedroom layouts.

Premium Finishes: Apartments include walk-in closets, in-unit laundry, and stainless steel appliances.

Mixed-Use Revenue: The property features 1,785 square feet of fully occupied ground-floor retail.

Unique Collateral: A 17,000-square-foot school occupies the same tax parcel; its long-term lease served as part of the collateral for the acquisition loan.