The Pennington, a 147-unit multifamily community in Passaic, New Jersey, has been sold for $49 million by P3 Properties. The 3.6-acre property includes a vacant 60,000-square-foot South Tower and two significant commercial spaces currently in the planning stages. The complex also benefits from a long-term payment in lieu of taxes agreement. Cushman & Wakefield arranged $45.9 million in financing for the acquisition and capital improvements.