The data sheet says, "Layer 3 Lite," "up to 32 static routes," and "up to 255 port-based VLANs." That sounds to me that you will be able to create and fully manage multiple active VLANs.
Whenever I've worked with any switch that features Layer 3, I've been able to independently manage 2 or more IP-based VLANs. Also, most switches don't support more than one, if any, static routes.
I marked my answer as assumed correctly answered as Jeffrey is correct: the 3rd generation (and 2nd generation) NetVanta 123X series supports multiple VLAN IP interfaces.
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