Multifamily Investment Opportunity
Price
$51,000,000
OFF-MARKET LISTING
The Pennington | Luxury Multifamily Opportunity
211 Pennington Avenue, Passaic, NJ147-Unit Adaptive Reuse Apartment Community
Purchase Price: $51,000,000
Team Promiseland is pleased to present The Pennington, a newly completed 147-unit luxury apartment community in Passaic, New Jersey. This transit-oriented development is ideally situated in Passaic Park, just 0.5 miles from the Passaic Train Station, providing residents with easy access to New York City in approximately 30 minutes via train and 20 minutes by car.
This premier adaptive reuse project was fully redeveloped in 2024 and offers an exceptional living experience tailored to attract young professionals, families, and downsizers seeking modern amenities and convenience.
Property Financials
Property Highlights
✔ 147 Units | 100% Market Rate✔ 5-Story Luxury Mid-Rise on 3.56 Acres✔ Average Unit Size: 968 SF✔ Premium Unit Mix: Studios, 1BR, 2BR, & 3BR (Some with dens)✔ Top-Tier Amenities:
Two modern fitness centers
Controlled access security system
Secure package room
On-site parking (155 spaces, 1.05 per unit)
Pet-friendly policy
In-unit washer & dryer
✔ Proximity to Key Transport & Employers
20 minutes to NYC
Near Route 3, Route 21, and Garden State Parkway
Close to major employers, hospitals, and universities
Investment Highlights
✔ 30-Year PILOT (Payment in Lieu of Taxes) Agreement✔ Stabilized Market-Rate Community with competitive rents✔ Potential to Redevelop Adjacent Land for 50+ Additional Units✔ Strong Occupancy in a High-Demand Rental Market
The Pennington presents an excellent opportunity for investors seeking a stable, high-yielding multifamily asset in a prime location.
Offering Terms
Price: $51,000,000
All Offers Must Be Submitted Directly To:
📩 investments@promiselandrealtyllc.com
🔹 TEAM PROMISELAND DISCLAIMER:No individual or entity is permitted to market or advertise this listing or any Team Promiseland property list without express written permission or TEAM PROMISELAND membership. Unauthorized use or distribution of this listing will result in a $500 fine per occurrence.
Unit Floor Plans
Property Pro Forma
Rent Comparables
Property Map
"Your #1 Source for Off Market Real Estate Properties, Nationwide"
PROMISE LAND REALTY, LLC
Work: 248- 416-2574
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top.
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