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  • Joni Sweetwood

Sweetwood of Kislak arranges sale of Pavilion Apartments in Newark, NJ for $70.5M

Newark, NJ — The Kislak Company, Inc. announced the recent sale of Pavilion Apartments, one of Newark, New Jersey’s largest and most iconic multifamily properties designed by Ludwig Mies van der Rohe, a pioneer of modernist architecture, for $70.5 million.Kislak marketed the property on behalf of longtime client Pavilion Broad Street, LLC. Senior vice president Joni Sweetwood represented the seller and procured the purchaser, The Pavilion Towers, LLC, a regionally-based investor. The sale of Pavilion Apartments is the single largest sale of a multifamily property in Newark by more than $18 million based on data available from CoStar. It is also among the largest multifamily properties in Newark and all of New Jersey.The terms of the sale included the

assumption of existing debt with the addition of significant equity.“This was an extraordinary sale in a burgeoning market,” said Sweetwood. “Over the last several years, we have been witnessing Newark’s long-awaited renaissance with rapid development throughout the city and population growth. More and more people are moving to downtown Newark given its ongoing transformation and easy commute to New York City. Pavilion Apartments are well positioned to meet the growing demand for affordable luxury housing in Newark’s economic and cultural center.”Pavilion Apartments consists of two adjacent 22-story high-rise buildings with 680 residential units and two retail spaces (one in each building) on over eight acres. The residential unit mix includes studios and one- and two-bedroom apartments.“This was a once-in-a-generation sale,” said Robert Holland, president. “Properties of this size and stature rarely trade. From start to finish, Joni did an absolutely amazing job facilitating the sale. For years, she had been working with the seller and analyzing the market to optimize the timing of our marketing and eventual sale. Joni also procured the ideal buyer who will benefit long-term as the property is enhanced further, residential demand in Newark increases even more and Newark’s renaissance continues.”

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