[[{“value”:”
P3 Properties has expanded its multifamily footprint in its home market with the acquisition of The Pennington, a 147-unit apartment community in Passaic, NJ. The property, located at 211 Pennington Ave., was purchased from The Birch Group for $49 million. The buyer is positioning the asset as a value-add opportunity with the potential for long-term income growth.
The Pennington is situated on approximately 3.6 acres and includes multiple components that support a value-creation strategy. The community features a vacant 60,000-square-foot South Tower, providing substantial upside once it is repositioned or brought back online. In addition, the property includes two commercial spaces that are described as being in the planning and activation pipeline, signaling further potential to enhance revenue across the site.
Cushman & Wakefield played a central role on both the investment sales and financing sides of the transaction. Its 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 for the sale of The Pennington. The dual representation underscores continued brokerage engagement in middle-market multifamily trades in the region.
On the capital markets side, Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged acquisition and improvement financing on behalf of P3 Properties. The team included Brad Domenico, John Alascio, Chuck Kohaut, Frank Stanislaski, Ethan Thompson and Jack Subers. They secured a $45.9 million loan from Prime Finance that is structured on a full-term interest-only basis, covering both the purchase and planned capital improvements at the community.
The financing structure is designed to support P3 Properties’ value-add business plan for The Pennington, enabling the firm to deploy capital into the vacant South Tower and the two commercial spaces while maintaining flexibility on debt service during the hold period. The acquisition reinforces P3 Properties’ stated focus on acquiring high-quality, value-add residential assets with long-term upside in its core market, while also demonstrating lender appetite for well-sponsored multifamily deals with clear repositioning potential.
With a combination of embedded vacancy, future commercial activation and newly arranged interest-only financing, The Pennington transaction highlights how investors and lenders are approaching multifamily opportunities that offer both current income and future growth. The deal also marks a notable expansion step for P3 Properties as it deepens its presence in Passaic and continues to pursue similar residential investments.
The post P3 Properties Acquires The Pennington, 147-Unit Multifamily Community in Passaic, NJ appeared first on CRE Market Beat.
“}]]
