The Colonial Gardens and Grand Court Villas in Trenton have been sold for a combined value of $20.5 million, according to a Thursday announcement from CBRE.
CBRE’s Tri-State Capital Markets Group consisting of Rich Gatto, Fahri Ozturk, and Zach McHale represented Metropolitan America in the transactions. The CBRE team was also responsible for procuring the buyers for each respective asset. The transactions marked the first acquisition for both buyers in the Trenton market.
Colonial Gardens is a multi-building, 97-unit complex predominately comprised of one- and two-bedroom apartments. The seller invested a significant amount of capital into the property during its tenure to improve unit finishes, common areas and major building systems.
Grand Court Villas is a 63-unit loft-style apartment building featuring 14-foot ceilings, private balconies and expansive window lines that offer ample natural light to residents. Built in the early 1930s by La Corona cigar company for the manufacturing and distribution of cigars, the property is a Spanish Colonial Revival and is one of the most unique adaptive reuses in the New Jersey market.
“We are very pleased to have represented Metropolitan America in the sale of these assets. After a long period of lower rental growth pre-pandemic, Trenton is currently in the midst of a post-pandemic boom with rents growing roughly 10% year-over-year on average. This growth should continue to attract investment into the community,” Gatto said.
“We have now closed over 20 deals for Metropolitan America to date. We are so appreciative of them entrusting us with the disposition of their assets and look forward to our continued partnership for years to come,” Ozturk said.
“Rich, Fahri and their entire CBRE team did a great job getting both deals to the finish line in a very difficult market environment. These were two distinctly different properties that each required their own unique marketing plan. A job well done on both as usual,” Managing Partner of Metropolitan America Cliff Corrall added.