P3 Properties Acquires Value-Add Passaic Apartments
P3 Properties has acquired The Pennington, a 147-unit multifamily community located at 211 Pennington Ave. in Passaic, NJ, from Birch Group for $49 million. The transaction marks a significant expansion of P3’s presence in its home market and reflects the firm’s continued focus on acquiring high-quality, value-add residential opportunities with long-term upside.
Cushman & Wakefield’s Northeast Multifamily Advisory Group, including Niko Nicolaou, Ryan Dowd, David Bernhaut, Peter Welch, JP Hohl and Alexandria Russo Ebers, represented both The Birch Group and P3 Properties in negotiations.
In conjunction with the sale, Cushman & Wakefield’s Equity, Debt & Structured Finance team, including Brad Domenico, John Alascio, Chuck Kohaut, Frank Stanislaski, Ethan Thompson and Jack Subers, arranged $45.9 million in financing for the acquisition and for capital improvements. The loan from Prime Finance features a full-term interest-only structure.
Spanning approximately 3.6 acres, The Pennington offers embedded value-creation potential, including a vacant 60,000-square-foot South Tower and two commercial spaces in the planning and activation pipeline.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout