Regionally-based investor The Pavilion Towers LLC has spent $70.5 million to buy the Pavilion Apartments, one of Newark and New Jersey's largest multifamily properties.
The Newark property, two adjacent 22-story high-rise buildings on more than eight acres, is located north of the city’s downtown at 136 Dr. Martin Luther King Jr. Blvd. in the Central Ward. It consists of 680 residential units and two retail spaces and is adjacent to Newark Broad Street Station and a New Jersey Transit rail and light rail station.
The residential units include studios and one- and two-bedroom apartments. The property was designed by modernist architect Ludwig Mies van der Rohe, also responsible for New York City’s Seagram Building.
The Kislak Co. Inc. marketed the property on behalf of Pavilion Broad Street LLC. Kislak Senior Vice President Joni Sweetwood represented the seller and procured the purchaser.
Based upon CoStar data, Kislak said the sale is the single largest of a multifamily property in Newark by more than $18 million.
The terms of the sale included the assumption of existing debt with the addition of significant equity.