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Buy&Hold (Multifamily): (147 Units) New Jersey + $51,000,000

Writer: Promise Land Realty Promise Land Realty

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 Rate5-Story Luxury Mid-Rise on 3.56 AcresAverage Unit Size: 968 SFPremium 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) AgreementStabilized Market-Rate Community with competitive rents✔ Potential to Redevelop Adjacent Land for 50+ Additional UnitsStrong 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

🔹 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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