P3 Properties Acquires Multifamily Asset From Birch Group In Passaic For $49 Million

The multifamily property located at 211 Pennington Avenue in Passaic was sold for a total price of $49,000,000. This asset features 147 units, with a price per unit (PPU) of $333,333, and encompasses a total square footage of 142,272 square feet, resulting in a price per square foot (PPSF) of $344.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $49,000,000
• Buyer: P3 Properties
• Seller: Birch Group
• Brokers: Niko Nicolaou, Ryan Dowd, David Bernhaut, Peter Welch, J.P. Hohl, Alexandria Ebers & Kelly M. Kellett - Cushman & Wakefield (@CushWake)
• Units: 147
• Square Footage: 142,272
• Price Per Unit: $333,333
• Price Per Square Foot: $344

This transaction involved several individuals from Cushman & Wakefield, representing both the buyer and the seller. The brokers included Niko Nicolaou, Ryan Dowd, David Bernhaut, Peter Welch, J.P. Hohl, Alexandria Ebers, and Kelly M. Kellett, highlighting the collaborative effort behind this multifamily deal.