We are a privately held commercial real estate acquisition and management firm that purchases a wide variety of assets including office, multifamily and retail properties.
We control the complete real estate lifecycle, from acquisition and management through lease-up and construction; this allows us to perform well above industry benchmarks.
If you fail to plan, you are planning to fail.”
P3 leverages its competitive advantages and trusted reputation to uncover and capitalize on market inefficiencies, distressed assets, shifting demographics, and emerging economic trends. The firm targets value-add, opportunistic, and special situations multifamily investments across the United States, positioning itself at the forefront of dynamic real estate opportunities.
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Multifamily Stabilization • 450 Units • Temple Hills,
MD Acquired: April 2021 for $99M
Refinanced: July 2024 with $84M Freddie Mac loan
HoldPeriod: 3 years
FirstDistributions: April 2025
Henson Creek was acquired during a period of bridge-finance flexibility, butoperated with low collections and deferred management. A true operationalchallenge.
Implemented a detailed screening and renewal strategy
Collections improved from 75% → 92%
Renovated one-third of units for rent increases
Navigated rising rate environment and refinanced into agency debt.
Despite one of the toughest interest rate cycles in memory, we stabilized theasset, refinanced with Freddie Mac, and initiated distributions in April 2025.
The Property was acquired by Buccini Pollin Group ("BPG") for $54 million in 2005; BPG completed a $16 million renovation shortly thereafter. The Property underwent a second major renovation in 2013 and switched to a Hilton flag.
In 2019, Melody Capital issued a $45.5 million refinance in conjunction with a 3* major renovation of the American Dream and MetLife as major drivers of demand for the Property. Shortly after, Covid decimated the hotel business, sending Melody's loan into default.
BPG sought to sell the Property in both 2020 as a hotel ($50 million) and 2022 as a potential 13.7 acre development site ($55 million). Unsuccessful, BPG pivoted and filed a site suitability application for residential use with the NJSEA (the entity with jurisdiction over the site).Meanwhile, Melody Capital has ceased operations due to a partnership dispute. Their remaining assets are in the hands of a liquidation trustee with no real skin in the game.
Through longstanding personal relationships, P3 obtained an exclusive look to acquire this deal pre-entitlement.
Today, we are acquiring the Property at a steep discount at $32 million. The Seller is losing all equity and coming out of pocket to cover necessary payables (largely to terminate the union contract). Melody is taking a significant haircut, with a current loan balance of nearly $70 million.
The Property has monumental upside from a variety of levers. P3's elite operational know-how will unlock and maximize this value:
The 427-key hotel features spectacular views of the NYC skyline and a best-in-class location close to Manhattan. P3 will streamline operations and offer up to 100 units as short-term, furnished rentals, increasing revenue stability and improving margins.
WoB will operate the 30,000+ SF of ballroom & events space with best-in-class service and sales, driving over $3 million in incremental profits annually.
The World Cup offers a once-in-a-lifetime opportunity for monumental short-term profits, as well as a massive boost to the hotel's profile & reputation. Over 8 matches (including the finals) will be hosted at MetLife Stadium across the street from the Property. P3 will capitalize fully on this opportunity, with a plan to generate over $25 million from the hotel rooms alone during this period. Activation of the full site with corporate partners will drive massive additional income.
We will continue with the existing site suitability application for residential. However, we plan to develop up to 1,000 residential units in the current parking lot, including 2 towers atop a parking structure. The hotel will remain as a key part of the vibrant community we envision on this site.
Address: 211 Pennington Avenue, Passaic, NJ
Asset Type: Residential
Current Units: 147 brand-new residential units (completed in 2024)
Additional Space: Two commercial spaces — approx. 15,000 SF and 8,000 SF
Acquisition Price: $50,000,000
THE OPPORTUNITY
P3, along with it's partner Seaview Capital is acquiring The Pennington - a newly redeveloped former hospital campus in the heart of Passaic, NJ. The property includes 147 luxury residential units completed in 2022-2023, and two commercial suites totaling over 23,000 square feet. Three towers are fully operational and ~90% leased.
The vacant South Tower offers a rare opportunity to unlock additional residential units (targeting 40-50), supported by a city actively seeking quality housing. Our local relationships and deep understanding of the Orthodox community — which has rapidly expanded into this neighborhood — position us uniquely to navigate and secure the necessary approvals with speed and precision.
The Pennington features a market-leading amenity package and unique, spacious floor plans with luxury finishes. The unit mix consists of:
12% Studio
48% One-Bedroom
28% Two-Bedroom
12% Three-Bedroom
Building Specifications
Total Units: 147 units
Number of Buildings: 1 building
Rentable Building Area: 142,272 SF
Building Height: 5 stories
Density: 41 units per acre
Year Built: 1955 / 2024
Site InformationAddress: 211 Pennington Ave, Passaic, NJ
Site Size: 3.56 Acres
Flood Zone: Zone X
Municipal Zoning: Redevelopment Agreement
Access: Entrances on Pennington Ave as well as the rear parking lot
Frontage: Frontage on Pennington Ave, Aycrigg Ave, and Randolph St
Parking: 155 Spaces (1.05 per unit)
Riverbend's average in-place rent is $3,183 per month—a full $1,712 less than Manhattan's median rent of $4,895. While still offering a comparable waterfront lifestyle, larger units, and direct Manhattan access.
Port Imperial has experienced an outsized 16% increase in population over the past 5 years, largely fueled by an influx of NYC residents drawn to the area's relative affordability.
Within a few minute walk from Riverbend, renters can access NYC via NY Waterways Ferry (midtown and downtown), light rail service to Hoboken & Jersey City, and NJ Transit buses to Port Authority.
Average resident incomes at Riverbend exceeds $178,000; average household incomes within Port Imperial exceed $228,000 annually.
Since 2021, North Hudson County vacancy has averaged 3.33% while rents have grown 6.48% during that time period.
In-place Riverbend rents are less than $43 PSF, a significant discount to Hoboken ($60-$75 PSF), Weehawken ($50-$65 PSF), and Downtown Jersey City ($70-$75 PSF).
New construction rental buildings in Port Imperial will command $65-$75 PSF, positioning Riverbend with sustained tenant interest and outsized rent growth potential in the coming years.
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2025
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